↑ Scroll to top

Kodak Agrees to Sell Online Photo Business to Rival

Published: March 2, 2012 | 11:01 am
Text size: -A +A

Eastman Kodak Co. has inked an agreement for the proposed sale of some assets of its Kodak Gallery online photo business to rival Shutterfly Inc. for $23.8 million

The terms of the agreement include the transfer of Kodak Gallery customer accounts and images in the United States and Canada to Shutterfly. The agreement comprises the initial, stalking horse bid in a Bankruptcy Court-supervised auction process, Kodak said late on March 1. The process is aimed to ensure the sale brings the maximum value.

The deal calls for Kodak to seek U.S. Bankruptcy Court approval of sale and auction procedures by late March. Kodak filed for Chapter 11 bankruptcy on Jan. 19.

“This sale is consistent with our objective of focusing Kodak on a core set of businesses in which we can most profitably leverage our technology and brand strengths, and provides a well-proven mechanism for ensuring that Kodak receives maximum value from these assets,” said Pradeep Jotwani, president of the consumer businesses and Kodak’s chief marketing officer.

Jotwani said Kodak is focusing its consumer business on retail and destination photo solutions as well as home printing products.

Kodak Gallery has more than 75 million users, the company said.

Source: Rochester Business Journal

 

VN:F [1.9.10_1130]
Rating: 0 (from 0 votes)
Share on Facebook Share on Twitter
More posts in category: Local Business News
  • Current Condition of Commercial Banks’ Loan Portfolio
  • Fall in the Prices of Second Hand Cars
  • The Lari falls against the Euro by 243 Points
  • Mandatory Labelling of Eggs already showing Effects