14 DAY TRIAL // In a move to strengthen the company's financial position and sharpen its operational focus, Kodak has recently announced that it has completed the sale of its Image Sensor Solutions (ISS) business to Platinum Equity.
The financial details of the transaction weren't disclosed, but Kodak has mentioned that this also includes the sale of a 263,000 square foot facility in Eastman Business Park in Rochester, N.Y., that houses manufacturing and research facilities.
"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,” concluded the company's rep.
Kodak's ISS business develops, manufacture and markets highest performance solid state image sensor devices and are used in a variety of cameras, medium format backs, as well as a wide range of specialist imaging applications.
Some of the best known digital cameras that use Kodak's image sensors are the Leica M9 and S2.
Even after the deal is finalized Kodak will have continuing access to the image sensor technology involved in this transaction for use in its own products.
According to DP Review, Kodak revealed recently that its plans of raising cash also involve the sale of more than 1100 patents.
Pradeep Jotwani, President, Consumer Digital Imaging Group, and Senior Vice President at the Eastman Kodak Company said that the transaction is expected to bring significant financial and operational resources to the ISS business and a comprehensive plan to ensure its continued success.