Sale includes agreements for continuing film supply, service and support
Eastman Kodak Company has completed the sale of certain assets of its microfilm products and equipment business to Eastman Park Micrographics, Inc.
Eastman Park Micrographics and its affiliates, headquartered in Dallas, have a long and proven track record of providing products and services related to archival storage, retrieval, restoration and preservation of historical documents and records in county recorder offices throughout the U.S.
The sale includes agreements for Kodak to continue supplying current microfilms, as well as to provide service and support for microfilm equipment. It also includes Kodak's data conversion services business, based in Monroe, N.C., which converts data between analog and digital formats.
The sale does not include Kodak's Document Imaging business, a fundamental element in Kodak's Business Solutions and Services Group – Kodak is committed to continued success and market leadership in document scanners, capture software, information capture solutions, and services.
"Because we've had a longtime relationship with the principals of Eastman Park Micrographics, we know that it is a perfect acquirer of the microfilm business and we are pleased to have in place agreements that ensure customers with ongoing availability of media products made by Kodak, as well as for the high levels of technical support and service to which they are accustomed," said Tony Barbeau, General Manager, Document Imaging.
Barbeau noted that microfilm remains unrivaled for long-term archival storage of vital records, so Kodak recognizes how important these assurances are for customers.
"Kodak is the longtime leader in this business, and we will continue to supply the same microfilm products, made in the same manufacturing facilities, and to the same high quality standards to which the industry has been accustomed," he said.
"Eastman Park Micrographics is strongly committed to this microfilm business," said William (Sonny) Oates, Chief Executive Officer of Eastman Park Micrographics. "We see excellent prospects for long-term growth. Eastman Park Micrographics is committed to investing in the business to support its further development. We are looking forward to the opportunity to continue providing customers with the high levels of quality and satisfaction established by Kodak."
Kodak has previously communicated that it would be selling non-core assets to generate cash to fund the completion of its transformation to a digital company. This agreement is aligned with that program.
Under the sale agreement, it is anticipated that employees in Rochester and North Carolina who are directly aligned with the business will join Eastman Park Micrographics and its affiliates. Eastman Park Micrographics will lease space in Eastman Business Park to serve as a center for the micrographics business. The data conversion services business will continue to be based in North Carolina. Financial terms of the sale are not being disclosed.
TM Capital Corp. served as financial advisor and Harter Secrest & Emery LLP served as counsel to Kodak in connection with this transaction.
Gardere Wynne Sewell LLP served as counsel to Eastman Park Micrographics in connection with this transaction.
As the world's foremost imaging innovator, Kodak helps consumers, businesses, and creative professionals unleash the power of pictures and printing to enrich their lives.
For more information, visit www.kodak.com.
About Eastman Park Micrographics:
Eastman Park Micrographics, Inc. and its affiliates, headquartered in Dallas, have a long and proven track record of providing products and services related to archival storage, retrieval, restoration and preservation of historical documents and records in county recorders offices throughout the United States. Eastman Park Micrographic's affiliated companies include Brown's River Marotti Company and Enduro Bindery.
SOURCE: Eastman Kodak Company