Kodak Sells Its Image Sensor Business to Platinum Equity
ROCHESTER, NY—Nov. 7, 2011—Eastman Kodak has completed the sale of its Image Sensor Solutions (ISS) business to Platinum Equity in a move that will sharpen Kodak’s operational focus and strengthen its financial position. While the financial details were not disclosed, Kodak will have continuing access to the image sensor technology involved in this transaction for use in its own products.
The company has previously communicated that it 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.
Included in the deal is a 263,000-square-foot facility in Eastman Business Park in Rochester, NY, that houses manufacturing and research facilities.
The ISS business develops, manufactures and markets the solid-state image sensor devices. Over the past 30 years, Kodak’s image sensors have delivered unrivaled image quality and innovative features for use in a broad range of demanding imaging applications. 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, customers around the world rely on high-performance products from ISS in the most mission-critical applications.
Platinum Equity is a global M&A&O firm specializing 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,” said Pradeep Jotwani, president, Consumer Digital Imaging Group, and senior vice president, Eastman Kodak. “This sale maximizes shareholder value by obtaining a full and fair valuation for this business, and allows Kodak to increase its financial flexibility.”
Jotwani noted that Platinum Equity brings significant financial and operational resources to the ISS business and a comprehensive plan to ensure its continued success.