Rochester, NY—Kodak announced that, consistent with its previously announced intention to sell noncore assets to sharpen its focus on digital growth initiatives and accelerate its transformation to a digital company, it has agreed to sell its Eastman Gelatine Corporation business to Rousselot, part of the Vion Food Group. Financial details were not disclosed.
Eastman Gel has been successfully managing the transition of the photographic market by increasingly expanding its sales into non-photographic categories, such as the pharmaceutical, edible protein and food/confectionary categories. Subject to customary closing conditions, the transaction is expected to close within 30 days, and roughly 95 Eastman Gel employees will continue with the business following the closing. Included in the sale is 575,000 square feet of production space in Peabody, Massachusetts.
“Eastman Gelatine is a business that is well-positioned in this industry,” said Brad W. Kruchten, president, Film, Photofinishing and Entertainment Group, and Kodak senior vice president. “This sale is another step in our value creation program for our shareholders and enhances Kodak’s financial position.”
Kruchten noted that Rousselot is positioned to help Eastman Gelatine continue the recent growth in its sales outside the photographic industry. “Rousselot is an ideal acquirer of Eastman Gelatine because it is strategic to them and the company is committed to growing the business for the benefit of customers and employees,” Kruchten added. “I’m very pleased that we have such a favorable outcome for all of our constituents.”
Board Elects Laura Quatela as President to Serve alongside Philip Faraci
In other news, Kodak’s board of directors elected Laura Quatela as president, effective January 1, 2012. Quatela, 54, currently the company’s general counsel, will serve alongside Philip Faraci, who continues as president, a position he has held since September 2007.
Both Quatela and Faraci report to Kodak’s chairman and CEO, Antonio M. Perez.
“Laura’s election reflects her increasing role in the company, including the strategic importance of the intellectual property business,” Perez said.
Additionally, Patrick Sheller, the company’s deputy general counsel, corporate secretary and chief compliance officer, will succeed Quatela as general counsel. He will report to Perez and will continue to serve as secretary to the board of directors. kodak.com