LG and Eastman Kodak announced last week that they have reached a cross-licensing agreement, in which the two companies will have access to each other's patent portfolio. The agreement also settles previous litigation over patents between the two companies.
Kodak has also agreed to sell its LED business to LG, according to the AP.
“We are pleased to have reached a mutually beneficial arrangement that advances the interests of Kodak and LG and validates the strength of Kodak’s intellectual property portfolio,” Laura G. Quatela, Chief Intellectual Property Officer, and Vice President for Kodak, said as part of the announcement.
