Kodak completes sale of Flexographic Packaging Division to Montagu

Eastman Kodak Company and Montagu Private Disinterestedness LLP announced the completion of the sale of Kodak's Flexographic Packaging Division (FPD). Now function of Montagu'south portfolio, the division operates as a standalone company known as Miraclon. Kodak'southward flexographic leadership team has transitioned as function of the deal and will continue to directly manage this business concern.

Proceeds at shut were approximately US$ 320 million, which included the gross buy price of U.s.$ 340 million less agreed indebtedness, other items, and delayed proceeds related to a deferred close entity. The net proceeds from the transaction will be used by Kodak to reduce outstanding term debt. The visitor expects to refinance the remaining outstanding term debt.

Over the by 5 years, FPD has grown and thrived inside Kodak and become a significant player in the package press industry. "Closing this sale was a priority for Kodak, and I'one thousand proud we were able to execute on this plan and leverage a homegrown asset," said Jim Continenza, executive chairman of Kodak. "This is one of many steps we are taking to increase our financial stability and focus on generating cash for our shareholders."

Kodak remains committed to the impress industry and delivering products and services that encounter the evolving needs of printers. Following this transaction, Kodak will go along to focus on the demonstrated growth areas of SONORA environmental plates, enterprise inkjet, workflow software and brand licensing. The visitor is well positioned for the futurity by leveraging these growth engines and continuing to maximize value in commercial printing, film and advanced materials.

UBS Investment Banking company acted as exclusive financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal advisor to Kodak for the transaction. Ernst & Young acted equally fiscal advisor, Bain & Co. acted as commercial advisor and Linklaters LLP acted as legal advisor to Montagu for the transaction.

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