PRESS RELEASE: Kodak Completes Sale of OLED Business
ROCHESTER, N.Y., Dec. 30 -- Eastman Kodak Company (NYSE:EK) announced today that it has completed the previously announced sale of its OLED (organic light-emitting diode) business to an entity set up by a group of LG companies.
This move will tighten Kodak’s investment focus and strengthen its financial position. Financial details were not disclosed.
“As we said earlier this year, OLED is one of the businesses we wanted to reposition to maximize Kodak’s competitive advantage at the intersection of materials and imaging science,” said Laura G. Quatela, Kodak’s Chief Intellectual Property Officer and manager of the company’s OLED business. “This action is consistent with that strategy. Our OLED intellectual property portfolio is fundamental; however, realizing the full value of this business would have required significant investment.”
Nomura Securities International, Inc. served as financial advisor to Kodak.
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(First posted on Wednesday, December 30, 2009 at 15:49 EST)