Photography pioneer Eastman Kodak has completed the sale of its image sensor solutions business to Platinum Equity, a private equity firm specializing in mergers, acquisitions and operations. However, financial details of the sale to Platinum Equity were not disclosed. Eastman Kodak said that the move is to sharpen the company’s operational focus and strengthen its financial position.
Meanwhile, Kodak will have continuing access to the image sensor technology involved in this transaction for use in its own products, said Kodak. According to Kodak, the company would sell assets that are not central to its transformation to a profitable, sustainable digital company. This sale is aligned with that strategy to generate cash to complete the transformation, stated Kodak.
The sale includes a 263,000 square foot facility in Eastman Business Park in Rochester, N.Y., that houses manufacturing and research facilities.
According to Kodak, the ISS business develops, manufactures, and markets the world’s highest performance solid state image sensor devices, which the company has been producing for the past 30 years. From precision manufacturing inspection to digital radiography, from earth imaging satellites to traffic monitoring, from the world’s highest performing studio photography cameras to DNA sequencing systems, these image sensors are being used in a multitude of mission-critical applications.
“Image Sensor Solutions is a business that is well-positioned in the high-performance imaging markets in which it participates,” said Pradeep Jotwani, president, Consumer Digital Imaging Group, and senior vice president, Eastman Kodak. He added, “This sale maximizes shareholder value by obtaining a full and fair valuation for this business, and allows Kodak to increase its financial flexibility.”
Furthermore, Jotwani noted that Platinum Equity brings significant financial and operational resources to the ISS business and a comprehensive plan to ensure its continued success.
Likewise, in another statement, Brian Wall, the partner at Platinum Equity who led the team pursuing the acquisition, commented, “This is a great opportunity to acquire a business with an impressive record for delivering innovative solutions to customers around the world… The ISS business has a strong management team with the right vision for leading the company into the future. We share their commitment to product development and customer service and are committed to helping the business realize its full potential,” noted Wall.
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