Eastman Kodak Company (NYSE:EK; Rochester, NY, USA) has completed the sale of its Image Sensor Solutions (ISS) business to Platinum Equity. Financial details of the transaction were not disclosed.
The ISS business develops, manufactures, and markets solid-state image sensor devices. Kodak will continue to have access to the image sensor technology involved in this transaction for use in its own products. Kodak previously indication that it would sell assets that are not central to its transformation to a profitable, sustainable digital company. Included in the sale is a 263,000 sq. ft facility in Eastman Business Park in Rochester, NY, that houses manufacturing and research facilities.
Platinum Equity specializes in the merger, acquisition, and operation of companies that provide services and solutions to customers in a broad range of business markets.
“Image Sensor Solutions is a business that is well-positioned in the high-performance imaging markets in which it participates,” says Pradeep Jotwani, president, Consumer Digital Imaging Group, and senior vice president, Eastman Kodak Company. “This sale maximizes shareholder value by obtaining a full and fair valuation for this business, and allows Kodak to increase its financial flexibility.”
“This is a great opportunity to acquire a business with an impressive record for delivering innovative solutions to customers around the world,” says Brian Wall, the partner at Platinum Equity who led the team pursuing the acquisition. Wall says Platinum Equity's operations group will work closely with the management team on a transition.
-- Posted by Vision Systems Design