Kodak has sold its Image Sensor Solutions business to Platinum Equity in a bid to strengthen its financial position. The company, which has struggled to manage the shift in the consumer photographic market from film to digital, also recently revealed that it may have to raise cash by the sale of more than 1100 patents to survive the coming year. Image Sensor Solutions provides sensors for the Leica M9 and S2 and a number of medium format backs, as well as a wide range of specialist imaging applications.
Kodak Sells Image Sensor Business to Platinum EquityROCHESTER, N.Y., November 07 - Eastman Kodak Company (NYSE:EK) announced today that it has completed the sale of its Image Sensor Solutions (ISS) business to Platinum Equity in a move that will sharpen Kodak’s operational focus and strengthen its financial position.
While the financial details were not disclosed, Kodak will have continuing access to the image sensor technology involved in this transaction for use in its own products. Kodak has previously communicated that it would sell assets that are not central to its transformation to a profitable, sustainable digital company. This sale is aligned with that strategy to generate cash to complete the transformation.
Included in the sale is a 263,000 square foot facility in Eastman Business Park in Rochester, N.Y., that houses manufacturing and research facilities.
The ISS business develops, manufactures, and markets the world’s highest performance solid state image sensor devices. Over the past 30 years, Kodak’s image sensors have delivered unrivaled image quality and innovative features for use in a broad range of demanding imaging applications. From precision manufacturing inspection to digital radiography, from earth imaging satellites to traffic monitoring, from the world’s highest performing studio photography cameras to DNA sequencing systems, customers around the world rely on high-performance products from ISS in the most mission-critical applications.
Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets.
“Image Sensor Solutions is a business that is well-positioned in the high-performance imaging markets in which it participates,” said Pradeep Jotwani, President, Consumer Digital Imaging Group, and Senior Vice President, Eastman Kodak Company. “This sale maximizes shareholder value by obtaining a full and fair valuation for this business, and allows Kodak to increase its financial flexibility.”
Jotwani noted that Platinum Equity brings significant financial and operational resources to the ISS business and a comprehensive plan to ensure its continued success.
“Platinum Equity is an ideal acquirer of Kodak’s ISS business because they are committed to the success of the business for the benefit of customers and employees,” Jotwani said. “I’m very pleased that we have such a favorable outcome for all of our constituents.”
Platinum Equity focuses on acquiring businesses that can benefit from the firm’s extensive in-house capability and expertise in transition, integration and operations.
“This is a great opportunity to acquire a business with an impressive record for delivering innovative solutions to customers around the world,” said Brian Wall, the partner at Platinum Equity who led the team pursuing the acquisition. “The ISS business has a strong management team with the right vision for leading the company into the future. We share their commitment to product development and customer service and are committed to helping the business realize its full potential.”
Wall said Platinum Equity’s experience managing complex transitions from corporate parent companies will benefit employees, customers and other partners.
“Our operations group will work hand-in-hand with the management team to ensure a seamless transition while allowing the organization to stay focused on delivering world class imaging products and solutions,” said Wall. “We are proud to have forged a unique divestiture solution in partnership with Kodak that serves the best interests of everyone involved.”
Oct 31, 2014
Nov 4, 2014
Oct 31, 2014
Oct 31, 2014
The new Prynt Pocket can print a photo directly from their iPhone simply by inserting the phone into the printer, then snapping a photo. Each print will cost about 50 cents. Read more
Updates for Adobe Camera Raw and Lightroom CC bring support for the Sony Alpha 9 and Panasonic ZS70/TZ90, along with bug fixes.
After the makers of the Triggertrap remote camera control system is no longer sold due to the company folding, users will be able to build their own, as the hardware design has been released to the public.
The Magic Format Converter comes with internal optics that expand the image circle of full-frame DSLR lenses for use on the Fuji medium format camera. Read more
The usually Apple-exclusive MacPhun software developer has announced that it will introduce PC versions of two of its most popular applications. Both Aurora HDR and Luminar should be available for the Windows operating system by the autumn of this year. Read more
Sony's newest G Master telephoto zoom, announced alongside the a9, is the first of the company's FE lenses to reach 400mm natively. We had one in California and photographed horses, portraits, and landscapes - check out how it did. Read more
Garmin has entered the 360-camera market with the VIRB, which captures 5.7K video at 30p as well as 15MP stills. Read more
German media reports that the founders of the company behind the Panono 360-degree ball camera have filed for bankruptcy at a court in Berlin. Read more
With a claimed 800 new custom parts, Microsoft's updated Surface Pro comes with the latest Kaby Lake processors, better battery life, a new hinge, plus the Surface Pen is updated as well. Read more
DW Photo is attempting to resurrect the Hy6 medium format camera, though the legal tangles of its development may stop it being branded Rolleiflex.
The Kodak EKTRA, the company's 'camera first' smartphone, is now available to purchase in the United States. Read more
Apple and Nokia have settled their years-old patent dispute. Apple will make an undisclosed payment to Nokia and sign a licensing agreement related to digital health products with the Finnish company.
David Gibson, one of Britain's best known street shooters, shares all.
Photographers from the SKYGLOW project travelled 150k miles and took 3 million photos in increasingly rare locations: those without light pollution.
The world's fastest 200mm was produced for 16 years. In that time, only 8000 were made.
Photokina, the biennial photo industry trade show in Cologne, Germany, has announced that it will become an annual event beginning in 2018, and expand its focus to additional areas of imaging technology. Read more
No mic socket? No problem. In this video, Daniel Peters at Photo Gear News shows you how to make a lapel microphone using just a smartphone and a pair of earbuds.
How does the iPhone 7 Plus stack up against the Arri Alexa cinema camera? Watch this short video to find out.
Canon Australia's video series "The Lab" is designed to make photographers experiment and think outside the box. In the latest video a group of photographers create images based on their sense of taste.
The GH5 is expected to get a firmware update this summer to support 400Mbps internal recording. NewsShooter explores what memory cards you'll need to make it work.
Microsoft's new Surface Pro offers Intel's latest processor generation and improved battery life.
Riding a mountain bike downhill is dangerous enough in daylight, but potentially lethal at night. Which is where drones come in.
Rumors abound that Canon (and maybe Nikon) may produce a mirrorless camera based using their existing DSLR mount. Does this guarantee immediate great lens choice or a perpetually second-rate experience? Read more
According to rumors, the next camera from Nest will be able to capture 4K video, though that resolution will be only used for 'virtual' pan and tilt functions.
Boundary's Prima 'fully modular' backpack is expandable to 30L and has a removable camera case and tablet sleeve. Early Kickstarter backers can get one for $189.
Stanley Greene captured 'brutally honest' photographs in the war zones of the Middle East, Chechnya and Georgia. He was also one of the few African-American photographers working internationally.
Owners of Leica M cameras that suffer from peeling CCDs will be able to claim a free repair in the future so long as the camera was purchased within five years of the fault becoming apparent, the company has announced. Read more
The Carl Zeiss Jena BIOTAR 75mm F1.5 Red T lens is very rare and priced accordingly. It can be yours today for the low, low price of $15,000.
The MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) has developed a drone that does not require any human control for recording tracking shots. Read more
In this terrifying video, Iraqi journalist Ammar Alwaely narrowly misses a sniper's bullet, which takes out his chest-mounted GoPro. Warning: strong language. Watch the video