Kodak Will Sell Film Business, Imaging Units
“We continue to rebalance our company toward commercial, packaging, and functional printing...”
Eastman Kodak has announced that it has initiated sale processes for its Personalized Imaging and Document Imaging businesses, as it takes its next steps toward emerging from Chapter 11 reorganization. Moving forward, the company will be primarily focused on commercial, packaging, and functional printing solutions as well as enterprise services.
The company’s Personalized Imaging business consists of:
• Retail Systems Solutions (RSS) – includes a global footprint of 105,000 Kodak Picture Kiosks;
• Paper & Output Systems (P&OS) – includes its portfolio of traditional photographic paper and still-camera film products; and
• Event Imaging Solutions (EIS) – provides souvenir photo products at theme parks and other venues.
Kodak’s Document Imaging business provides a portfolio of scanners, capture software, and services
to enterprise customers. Kodak said it would move forward as quickly as possible and has targeted completing these transactions in the first half of 2013.
“The initiation of a process to sell the Personalized Imaging and Document Imaging businesses is an important step in our company’s reorganization to focus our business on the commercial markets and enables Kodak to accelerate its momentum toward emergence,” says Antonio M. Perez, chairman and CEO. “In addition, we continue our initiatives to reduce our cost structure and streamline our operating models in an effort to return the company to profitability.”
“We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging, and functional printing – in which we have the broadest portfolio solutions – and enterprise services. These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalize on those opportunities and extend our leadership in key growth markets.”
Kodak noted that in addition to the commercial, packaging and functional printing and enterprise services businesses, it also continues to own and operate the Consumer Inkjet, Entertainment Imaging, Commercial Film, and Specialty Chemicals businesses.
And, as it previously announced, Kodak is continuing discussions for the potential sale of its digital imaging patent portfolio. The company reiterates, however, that it has made no decision to sell the portfolio and might, in consultation with creditors, retain the portfolio.