EWING, N.J. (AP) -- Universal Display Corp. said Monday that it has entered into a licensing agreement with Panasonic Idemitsu OLED Lighting Co. Ltd. to integrate Universal's phosphorescent organic light emitting device technology into new products. The energy-efficient technology is four times as efficient as other OLED technologies, it said.
Universal Display granted manufacturing and sales rights under various patents and associated know-how for the joint venture between Panasonic Electric Works Co. Ltd. and Idemitsu Kosan Co. Ltd.
The venture will pay Universal Display running royalties on sales of the products with a portion of the royalties prepaid. The parties have also entered into a separate material supply agreement. Both agreements run through July 31, 2014.
Universal Display shares jumped $4.68, or 9 percent, to $55.90 in after-hours trading Monday after the agreement was announced.