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Kodak Takes Next
Steps toward Successful Emergence
Company to Focus
Primarily on Commercial, Packaging and Functional Printing Solutions
and Enterprise
Services
Initiates Sales
Processes for Personalized Imaging and Document Imaging Businesses
Discussions Continue on Digital Imaging Patent
Portfolio, which May Be Sold or Retained
ROCHESTER, N.Y.,
Aug. 23 – Eastman Kodak Company today outlined its next steps toward a
successful emergence from Chapter 11 reorganization as a company primarily
focused on commercial, packaging and functional printing solutions and
enterprise services. Accordingly, the company has initiated sale processes for
its market-leading Personalized Imaging and Document Imaging businesses.
Kodak
believes that the sale of these assets, as well as continued cost-reduction
initiatives, curtailment of its legacy liabilities, and the monetization of the
company’s digital imaging patent portfolio, will be significant milestones
toward completing the company’s reorganization and emergence from Chapter 11
during 2013.
“The
initiation of a process to sell the Personalized Imaging and Document Imaging
businesses is an important step in our company’s reorganization to focus our
business on the commercial markets and
enable Kodak to accelerate its momentum toward emergence,” said Antonio
M. Perez, Chairman and Chief Executive Officer. “In addition, we continue our
initiatives to reduce our cost structure and streamline our operating models in
an effort to return the company to profitability.”
“We
are reshaping Kodak. We continue to rebalance our company toward commercial,
packaging and functional printing – in which we have the broadest portfolio
solutions – and enterprise services. These businesses have substantial
long-term growth prospects worldwide and are core to the future of Kodak. We
are confident that our competitive advantages in materials science and
deposition technologies, as well as our know-how in digital imaging, will
enable us to capitalize on those opportunities and extend our leadership in key
growth markets.”
Kodak noted that in addition to the commercial,
packaging and functional printing and enterprise services businesses, it also
continues to own and operate the Consumer Inkjet, Entertainment Imaging,
Commercial Film and Specialty Chemicals businesses, given the company’s
expertise, capabilities and strong customer relationships in these markets, as
well as their combined cash-generating capability.
The
Personalized Imaging business consists of Retail Systems Solutions (RSS), Paper
& Output Systems (P&OS) and Event Imaging Solutions (EIS). RSS is the worldwide leader in
retail print solutions with a global footprint of 105,000 KODAK Picture Kiosks;
P&OS includes the broadest portfolio of traditional photographic paper and
still camera film products; and EIS provides souvenir photo products at theme
parks and other venues. The Document Imaging business provides a leading and comprehensive
portfolio of scanners, capture software and services to enterprise customers.
“Personalized
Imaging and Document Imaging are valuable businesses that enjoy leading market
positions as a result of superior products and service offerings. We remain
steadfast in our commitment to our customers, and we will work to ensure that
they continue to receive the exceptional levels of quality and service they
have come to expect from Kodak. Customers remain the top priority of all our
businesses – those we intend to sell and those that will remain part of Kodak,” Perez said.
Kodak
said it would move forward as quickly as possible and has targeted completing
these transactions in the first half of 2013. Lazard is adviser to Kodak in the
sale process.
In
accordance with its prior announcement, the company is continuing discussions
with parties with respect to the potential sale of its digital imaging patent
portfolio. The company reiterates that it has made no decision to sell the
portfolio and Kodak may, in consultation with creditors, retain the portfolio
as an alternative source of recovery for creditors.
“As
we move forward with the Chapter 11 process, we are focused on delivering the
highest value to our creditors so that we can emerge as a sustainable,
profitable company that continues to meet the needs of our customers,” Perez
concluded.
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