Kodak sells off its film and imaging business
Kodak has reached an agreement to sell off assets, including traditional film products, in a US$2.8 billion deal.
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As part of its strategy to exit bankruptcy proceedings, Kodak has reached an agreement to sell off assets, including traditional film products, in a deal worth US$2.8 billion.
Since entering into Chapter 11 proceedings in January 2012, the company renowned for inventing the digital camera has sold off a number of different aspects of its business, including a range of patents to major tech companies such as Apple and Google.
Kodak decided to look for a buyer to acquire its personalised and document imaging businesses in late 2012, and has successfully sold these assets to a UK pension fund.
The personalised imaging portfolio contains Kodak's digital kiosks, photo paper and traditional film products, while the document imaging business houses its scanners and information workflow software. According to The Guardian, Kodak currently has 105,000 digital kiosks in various locations around the world.
"In one comprehensive transaction, Kodak will realise its previously announced intention to divest its Personalised Imaging and Document Imaging businesses and settle its largest legacy liability," Antonio M Perez, Kodak chairman and chief executive officer said in a statement.
The deal outlines how the UK Kodak Pension Plan (KPP) is the company's largest creditor, with US$650 million in cash and assets available to Kodak as part of the deal.
Earlier this year, Kodak announced that it would license its name to JK Imaging to produce a range of cameras and camcorders. So far, there has been one camera announced under the new agreement: the Kodak S1 interchangeable lens model, using the Micro Four Thirds system.