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December 31, 2009: Eastman Kodak Company has announced the completion of a previously announced sale of its OLED (organic light-emitting diode) business to a business set up by a group of LG companies.
A press release from the company states the sale, which was announced on 4 December, will ‘tighten Kodak's investment focus and strengthen its financial position'. Financial details of the transfer were not disclosed. The release also implies that ‘realising the full value of this business would have required significant investment' which, it seems, Kodak was not prepared to make.
Kodak scientists were the first to develop OLED technology and produced viable products in the 1970s. When sold, the business employed 60 staff, mainly involved in research. LG has indicated these employees will not be retained but Kodak has indicated they can seek other positions within Kodak, which will continue to have access to its OLED intellectual property (which relates mainly to fluorescent displays and manufacturing equipment).
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