Business Wire: Kodak announced today that it has completed the sale of its Image Sensor Solutions (ISS) business to Platinum Equity. The financial details were not disclosed. This sale is aligned with the company's strategy to generate cash to complete the its operations. 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.
Platinum Equity is a global M&A&O firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets. Platinum Equity focuses on acquiring businesses that can benefit from the firm’s extensive in-house capability and expertise in transition, integration and operations.
“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,” said Brian Wall, the partner at Platinum Equity who led the team pursuing the acquisition. Wall said Platinum Equity’s experience managing complex transitions from corporate parent companies will benefit employees, customers and other partners.
Thanks to KB for sending me the news!
Update: Rochester Democrat and Chronicle tells that "the 200 people employed in Kodak's CCD business all are being offered jobs with Platinum."
British Journal of Photography writes "While the financials of the transaction have not been disclosed, Reuters and The Wall Street Journal estimate that the sale brought no more than $200m to Kodak." - thanks to DG for the reference.