Kodak finally made a deal with LG this week. Kodak is selling its OLED business to LG and the two companies are agreeing to share their patent portfolios. Both companies filed complaints against each other in late 2008 but, after months of litigation, are calling a truce.

Kodak’s sale of its OLED technologies will tighten the company’s investment focus and bring in much-needed cash, states the Dec. 4 press release. The amount of money involved was not disclosed, but the deal brings Kodak royalties at a time when sales are down 26% from the same period last year, according to the company’s third quarter report released Oct. 29.

The company realizes that its OLED technology is valuable, but can’t invest the amount of work needed to make it profitable fast enough, said Laura G. Quatela, Chief Intellectual Property Officer, and Vice President of Eastman Kodak Company, in the Dec. 4 press release. LG, however, already has a product line of OLED televisions.

“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,” Quatela said.