Eastman Kodak Co (NYSE:KODK) penned a perpetual, global brand licensing deal with Essilorluxottica (OTC:ESLOF) (OTC:ESLOY). The financial terms were not disclosed.

As per the deal, effective January 1, 2024, EssilorLuxottica gets an exclusive right to use the Kodak registered trademarks for its products and services.

Notably, EssilorLuxottica will boost the development of the Kodak brand in its vast range of product categories.

The new deal is an extension of an existing contract between both companies.

"We are excited about the opportunity to expand our brand licensing arrangement with a vision care industry leader like EssilorLuxottica. We know the Kodak brand is in good hands along with the other esteemed brands in the EssilorLuxottica portfolio. This agreement is a great fit for Kodak. We share EssilorLuxottica's commitment to meeting evolving customer needs through innovation, and we look forward to a long and successful relationship," said Jim Continenza, Executive Chairman and CEO.

Price Action: KODK shares are trading higher by 2.22% at $5.74 on the last check Thursday.