Kodak to Sell Eastman Business Park in Rochester, NY
ROCHESTER, NY—March 25, 2014—Kodak will pursue the sale of Eastman Business Park (EBP), one of the nation's largest and most diverse industrial and technology parks.
Kodak believes the well-equipped site can best continue its transformation into a multi-use, multi-tenant industrial facility under the ownership of a firm focused on its redevelopment. At the same time, EBP's sale will help Kodak to maintain its focus on its commercial imaging businesses.
Jeff Clarke, CEO of Kodak, said, "Eastman Business Park is already on the path to becoming a powerful economic growth engine for our region and a vibrant center of invention to several technology sectors. A strong new owner will expedite that process. At the same time, Kodak needs to focus on what it does best: innovating and delivering superior solutions to customers around the world. Selling EBP is the right move for the right reasons at the right time."
As the process moves forward, Kodak will continue to fully support the growing tenant and owner base, now numbering more than 50, including several Fortune 500 companies, and in continuing initiatives with government and economic development officials to attract new tenants.
"New York State's commitment to Eastman Business Park (EBP) remains resolute," said Kenneth Adams, president, CEO and commissioner, Empire State Development. "EBP is a critical center of employment for the Rochester economy and the growth of EBP is the highest priority of the Finger Lakes Region Economic Development Council. We will continue to work with Kodak and a potential new owner to ensure stability and attract more private investment and advanced manufacturing jobs to EBP."
Brad W. Kruchten, president, graphics, Entertainment and Commercial Films Group, also commented "We believe that Eastman Business Park offers definitive advantages in attracting new tenants. While we've made extensive improvements in the Park over the last several years, a number of developments have occurred in recent months that present us with the opportunity to bring in a buyer who can best support EBP in reaching its enormous potential."
These developments include:
- Under the leadership of Governor Andrew Cuomo, commitments for more than $90 million in investments by New York State to attract new companies that are transforming EBP into a diverse hub for research and development and high-tech manufacturing, showcased in a recent visit to the site by the Governor.
- Completion of the acquisition of the site's utilities by RED, an industrial energy efficiency firm that will upgrade and operate the unique and comprehensive utility infrastructure, providing stability for EBP and its tenant companies.
- Support from the U.S. Environmental Protection Agency and the New York State Department of Environmental Conservation to move ahead with an environmental trust administered by the state, providing for ongoing environmental protection and resolution of legacy environmental issues.
- Growth in the occupancy of EBP to more than 50 tenants and owners, with about 4,700 jobs and 7.2 million square feet of space at the campus.
- Kodak's commitment to maintain a significant presence at the site, encompassing research, development and manufacturing activities, including two new projects focused on production of films for touch screen sensors in collaboration with UniPixel and Kingsbury.
"Hundreds of new high-tech research and advanced manufacturing jobs have been created at Eastman Business Park over the last two years," relayed Kruchten. "The site is now positioned to realize its potential to develop new, cutting-edge technologies, especially in functional films, energy storage and bioscience and biofuels. We will identify a buyer who shares our vision for the great potential of this site to be a robust job creator."
EBP encompasses 1,200 acres in the City of Rochester and Town of Greece. It has extensive infrastructure support, including a power plant with 125 megawatts of capacity, water supply and wastewater treatment facilities, security and emergency services, and an in-plant railroad. Its infrastructure has allowed middle-stage technology companies to develop their businesses from the lab-scale prototype stages to the later stages of production—including full product commercialization.
A number of leading governmental officials and elected representatives with whom Kodak has worked on these redevelopment efforts have expressed their support and belief in the vision for EBP to be an engine for regional and state economic growth. Their comments and other materials about EBP are reflected here.
Interested parties may contact Paula Gutkin, Kodak's managing director of Corporate Development for further information (email@example.com).
Kodak is a technology company focused on imaging for business. Kodak serves customers with disruptive technologies and breakthrough solutions for the product goods packaging, graphic communications and functional printing industries. The company also offers leading products and services in Entertainment Imaging and Commercial Films.