Sunday, April 21, 2019

Kodak completes sale of its Flexographic Packaging Division to Montagu

BWW News Desk
April 09, 2019

Today Eastman Kodak Company and Montagu Private Equity LLP announced the completion of the sale of Kodaks Flexographic Packaging Division FPD Now part of Montagus portfolio the division operates as a standalone company known as Miraclon As previously announced Kodaks flexographic leadership team has transitioned as part of the deal and will continue to directly manage this business p p Proceeds at close were approximately 320 million which included the gross purchase price of 340 million less agreed indebtedness other items and delayed proceeds related to a deferred close entity p p The net proceeds from the transaction will be used by Kodak to reduce outstanding term debt The Company expects to refinance the remaining outstanding term debt p p Over the past five years FPD has grown and thrived within Kodak and become a significant player in the package printing industry p p no quote Closing this sale was a priority for Kodak and Im proud we were able to execute on this plan and leverage a homegrown asset said Jim Continenza Executive Chairman of Kodak no quote This is one of many steps we are taking to increase our financial stability and focus on generating cash for our shareholders p p Kodak remains committed to the print industry and delivering products and services that meet the evolving needs of printers Following this transaction Kodak will continue to focus on the demonstrated growth areas of SONORA environmental plates enterprise inkjet workflow software and brand licensing The Company is well positioned for the future by leveraging these growth engines and continuing to maximize value in commercial printing film and advanced materials p p UBS Investment Bank acted as exclusive financial advisor and Akin Gump Strauss Hauer amp Feld LLP acted as legal advisor to Kodak for the transaction Ernst amp Young acted as financial advisor Bain amp Co acted as commercial advisor and Linklaters LLP acted as legal advisor to Montagu for the transaction p p bAbout Kodakb p p Kodak is a technology company focused on imaging We provide directly and through partnerships with other innovative companies hardware software consumables and services to customers in graphic arts commercial print publishing packaging entertainment and commercial films and consumer products markets With our worldclass RampD capabilities innovative solutions portfolio and highly trusted brand Kodak is helping customers around the globe to sustainably grow their own businesses and enjoy their lives For additional information on Kodak visit us at a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttp3A2F2Fwwwkodakcomampesheet51966419ampnewsitemid20190409005268amplanenUSampanchorkodakcomampindex1ampmd5ef4d98ea2fae480349e6cb0eb5452956 relnofollowkodakcoma follow us on Twitter a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttps3A2F2Ftwittercom2Fkodakampesheet51966419ampnewsitemid20190409005268amplanenUSampanchor40Kodakampindex2ampmd58f6f4ab9afd16e43e75e8b1868875ee6 relnofollowKodaka or like us on Facebook at a referrerpolicyunsafeurl targetblank hrefhttpsctsbusinesswirecomctCTidsmartlinkampurlhttps3A2F2Fwwwfacebookcom2Fkodak2Fampesheet51966419ampnewsitemid20190409005268amplanenUSampanchorKodakampindex3ampmd51ce98e534ca83c991c550396d7666583 relnofollowKodaka p p p pimg referrerpolicyunsafeurl alt srchttpsctsbusinesswirecomctCTidbwnewsampsty20190409005268r1ampsidweb02ampdistronxamplangen stylewidth0height0span classbwct31415p

SOURCE: BUSINESS WIRE. ©2015 Business Wire

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