Filmwasters
Which Board? => Main Forum => : Francois April 29, 2013, 09:14:19 PM
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Read all about it
Kodak announced today that it has reached an agreement to sell off its two remaining imaging divisions — which includes its photographic film business — in a major deal worth $2.8 billion.
The company is handing over control of its Personal Imaging and Document Imaging divisions to the United Kingdom’s Kodak Pension Plan (KPP), which is the bankrupt firm’s largest creditor.
In addition to settling $2.8 billion in obligations with KPP, Kodak will be receiving $650 million in cash and other assets in exchange for the divisions.
The Personal Imaging division includes over 100,000 Kodak kiosks located around the world, photographic paper, photographic film, and souvenir photo products. The Document Imaging division includes things like scanners and related software/services.
http://petapixel.com/2013/04/29/kodak-to-sell-its-camera-film-and-imaging-businesses-in-2-8-billion-deal/ (http://petapixel.com/2013/04/29/kodak-to-sell-its-camera-film-and-imaging-businesses-in-2-8-billion-deal/)
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From what I've read elsewhere, this might not be a bad thing for the future of Kodak film, but you never know how all this will pan out. Fingers crossed
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chalky +1
the buyers seem to want to actually take care of that part of the company. I'm feeling positive :)
"Those in this business couldn't be more pleased with the new owner, who recognizes the value and is focused on its growth and success. In the new company (to be named at closing), it will use the Kodak brand and hope to have your continued support of our brand, products and services today and for many years to come."
http://www.rangefinderforum.com/forums/showthread.php?threadid=132234 (http://www.rangefinderforum.com/forums/showthread.php?threadid=132234)
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Oh thanks for the link Jonas! It does seem to be a lot positive!
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What scares me a bit is that it's been transferred to the pension plan. Either they will liquidate it to pay the pensions to the employees (invest in more "future proof" products) or try and make it more profitable in a shrinking market.
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chalky +1
the buyers seem to want to actually take care of that part of the company. I'm feeling positive :)
"Those in this business couldn't be more pleased with the new owner, who recognizes the value and is focused on its growth and success. In the new company (to be named at closing), it will use the Kodak brand and hope to have your continued support of our brand, products and services today and for many years to come."
http://www.rangefinderforum.com/forums/showthread.php?threadid=132234 (http://www.rangefinderforum.com/forums/showthread.php?threadid=132234)
I think it's positive as long as the 'value' they recognize is in the quality of the products, not just the name. Remember what happened to Polaroid. I don't like that they won't announce the buyer til the closing. I hope it's not Lomo or some other low quality group.
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Call me a pessimist, but until it's all over and the fat lady has sung... I'm still considering it a lost cause.
Unless the buying company is a Kodak rival with an equal amount of experience in film production, its hard to have faith that the products will remain the same.
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Keeping my fingers crssed as well and hoping for the best.
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The KPP has paid a lot of money for the divisions, so I'd expect them only to do so if they saw it as having the potential to add to their "pot" going forward. If the divisions were of no value, wouldn't it have been easier and less costly to allow it to wither on the vine??
I feel optimistic about this move. I just hope that my optimism isn't unfounded....