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Kodak Pension Plan Completes Acquisition - The UK Kodak Pension Plan has completed acquisition of Kodak Personalised Imaging and Document Imaging businesses.
The UK Kodak Pension Plan (KPP) has completed its acquisition of the Kodak Personalised Imaging and Document Imaging businesses from Eastman Kodak Company and created a new company, which will be known as Kodak Alaris.
The new company and its name preserve the heritage and legacy of the Kodak brand, while embodying greater speed and agility to meet market needs and changes. Kodak Alaris, which has a perpetual licence to use the Kodak brand, will focus on strategic, ongoing investments for these businesses to ensure long-term growth and success.
"Our excitement around the acquisition of these businesses comes not just from their market strength but from what we see as long-term, highly successful growth opportunities,” said Steven Ross, independent chairman of KPP. “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."
Dennis Olbrich, president of Kodak Alaris’ Personalised Imaging business, and Dolores Kruchten, president of Kodak Alaris’ Document Imaging business, will provide leadership for Kodak Alaris.
"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."
When the transaction completes globally, Kodak Alaris will have more than 4,700 employees in approximately 30 countries with expected revenue of more than $1.3 billion.