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Kodak consumer arm survives as UK pension plan purchases from Eastman Kodak Company

Kodak has completed its re-emergence from bankruptcy as transformed company that will concentrate on business solutions, after completing the sale of the last of its customer facing entities to The UK Kodak Pension Plan.

The pension plan has purchased Eastman Kodak Company's personalised imaging and document imaging businesses which includes 105,000 photo kiosks around the world.

The new business will retain the right to use the Kodak brand and be named Kodak Alaris. It will remain headquartered in Rochester, NY where Kodak was founded.

Globally, Kodak Alaris will have more than 4,700 employees in approximately 30 countries with expected revenue of more than $1.3 billion (£830 million).

Dennis Olbrich, president of Kodak Personalised Imaging, and Dolores Kruchten, president of Kodak Document Imaging, will continue to provide leadership under the new Kodak Alaris company.

"Innovation has always been critical to our success and it will continue to be a cornerstone of our businesses," said Kruchten.

"Under new ownership, we will increase our commitment to pioneering new products and solutions. We will continue to deliver the industry leading services and support that our customers know and trust. And we will be a nimble, innovative company, capable of achieving greater speed to market."

Steven Ross, the independent chairman of Kodak Pension Plan added: "Today starts the new chapter of a storied brand and we're thrilled with the potential the new company holds for our plan members, our customers, and our employees."

Eastman Kodak Company, which filed for bankruptcy at the start of last year, is now free to pursue CEO Antonio Perez's plan of becoming a corporate facing digital imaging company.

"We have emerged as a technology company serving imaging for business markets - including packaging, functional printing, graphic communications and professional services," said Perez.

"We have been revitalized by our transformation and restructured to become a formidable competitor - leaner, with a strong capital structure, a healthy balance sheet, and the industry's best technology."