Kodak sells Image Sensor Business

Kodak 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 sale is a 263,000 square foot facility in Eastman Business Park in Rochester, N.Y., that houses manufacturing and research facilities.

The ISS business develops, manufactures, and markets the world’s highest performance solid state image sensor devices for use in a broad range of imaging applications such as precision manufacturing inspection, digital radiography, earth imaging satellites, traffic monitoring, studio photography cameras, DNA sequencing systems etc.

Platinum Equity ispecializes 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 Company. “This sale maximizes shareholder value by obtaining a full and fair valuation for this business, and allows Kodak to increase its financial flexibility.”

Jotwani added that Platinum Equity brings significant financial and operational resources to the ISS business and a comprehensive plan to ensure its continued success.

“Platinum Equity is an ideal acquirer of Kodak’s ISS business because they are committed to the success of the business for the benefit of customers and employees,” Jotwani said. “I’m very pleased that we have such a favorable outcome for all of our constituents.”

“This is a great opportunity to acquire a business with an impressive record for delivering innovative solutions to customers around the world,” said Brian Wall, the partner at Platinum Equity who led the team pursuing the acquisition. “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.”