Kodak to buy Sun Chemical’s share of KPG venture

Jan 18, 2005 4:00 PM

Eastman Kodak Co. (Rochester, NY) has announced that it will become the sole owner of Kodak Polychrome Graphics (KPG) (Norwalk, CT) through redemption of Sun Chemical Corp.’s 50 percent interest in the joint venture.

Under the terms of the transaction, Kodak will redeem all of Sun Chemical’s shares in KPG with a total of $817 million from closing through 2013. The transaction is expected to close in April 2005. Kodak expects this to add approximately $1.1 billion to its 2005 revenue, reflecting approximately nine months of Kodak ownership and the elimination of intercompany sales from Kodak to KPG.

Antonio M. Perez, president and COO of Eastman Kodak Co., says, “Bringing KPG together with Kodak’s existing graphic communications businesses--Kodak Versamark, NexPress and Encad--will enhance our operations, extend significantly our coverage worldwide, complement our present portfolio, and strengthen Kodak’s ability to serve our customers in the fast-growing graphic communications market.”

Kodak initially plans to operate KPG as a wholly owned subsidiary, part of the company’s Graphic Communications Group. The KPG management team will remain intact, with KPG CEO Jeff Jacobson leading the organization and reporting to James Langley, president of Kodak’s Graphic Communications Group and senior vice president at Eastman Kodak Co.

Says Langley, “Aligning our current and future products and services with KPG’s portfolio and extensive distribution capabilities will further establish Kodak as a leading provider of integrated solutions … from prepress to finishing.”

Kodak is developing plans to integrate operations across its subsidiaries in the Graphic Communications Group.

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