Eastman Kodak Company announced today that it has completed the sale of its Image Sensor Solutions (ISS) business to Platinum Equity in could help the company strengthen its financial position.
While the financial details were not disclosed, Kodak said that it would have continuing access to the image sensor technology involved in this transaction for use in its own products. Kodak has previously said 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 high performance solid state image sensor devices.
Platinum Equity is a global M&A&O firm specializing in the merger, acquisition and operation of companies.
"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."