Rochester, NY—Kodak outlined its next step toward emergence from Chapter 11 reorganization as a company primarily focused on commercial, packaging and functional printing solutions and enterprise services. To that end, Kodak initiated sale processes for its Personalized Imaging and Document Imaging businesses but will continue to own and operate the Consumer Inkjet, Entertainment Imaging, Commercial Film and Specialty Chemicals businesses.
Kodak leadership believes the sale of those assets, continued cost-reductions, curtailment of its legacy liabilities and the monetization of its digital imaging patent portfolio will help complete the company’s reorganization and emergence from Chapter 11 during 2013.
“The initiation of a process to sell the Personalized Imaging and Document Imaging businesses is an important step in our company’s reorganization to focus our business on the commercial markets and enable Kodak to accelerate its momentum toward emergence,” said Antonio M. Perez, chairman and CEO. “We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing—in which we have the broadest portfolio solutions—and enterprise services. These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalize on those opportunities and extend our leadership in key growth markets.”
The Personalized Imaging business consists of Retail Systems Solutions (RSS), Paper & Output Systems (P&OS) and Event Imaging Solutions (EIS). RSS is a leader in retail print solutions with a footprint of 105,000 Kodak Picture Kiosks globally; P&OS includes a portfolio of traditional photographic paper and still camera film products; and EIS provides souvenir photo products at theme parks and other venues. The Document Imaging business provides a portfolio of scanners, capture software and services to enterprise customers.
“Personalized Imaging and Document Imaging are valuable businesses that enjoy leading market positions as a result of superior products and service offerings. We remain steadfast in our commitment to our customers, and we will work to ensure that they continue to receive the exceptional levels of quality and service they have come to expect from Kodak. Customers remain the top priority of all our businesses—those we intend to sell and those that will remain part of Kodak,” Perez added.
Kodak has targeted completion of these transactions in the first half of 2013. In accordance with its prior announcement, it is continuing discussions with parties with respect to the potential sale of its digital imaging patent portfolio. The company reiterates, however, that it has made no decision to sell the portfolio and may, in consultation with creditors, retain the portfolio as an alternative source of recovery for creditors. kodak.com