"We are pleased to have reached a mutually beneficial arrangement that advances the interests of Kodak and of NEC," Laura G. Quatela , vice president and chief intellectual property officer at Kodak, in a statement.

The deal "provides significant benefits to both companies" and will generate royalties for Kodak. No further financial details were provided.

A Kodak spokesman declined to comment beyond the press release. An NEC spokeswoman did not immediately respond to a request for comment.

NEC is well-known for its networking, server and storage offerings, but also sells monitors, projectors and digital cinema products, which may be the focus of the new patent agreement with Kodak.

The IDG News Service