The Recycler
  • G&G Web banner May 2024
  • Biuromax Masthead web banner March 2024
  • Katun web banner December 2022 NEW

Kodak sells FPD to Montagu

April 25, 2019

This month Eastman Kodak Company (Kodak) and Montagu Private Equity LLP announced the completion of the sale of Kodak’s Flexographic Packaging Division (FPD).

Now part of Montagu’s portfolio, the division operates as a standalone company known as Miraclon. As previously announced, Kodak’s flexographic leadership team has transitioned as part of the deal and will continue to directly manage this business.

Proceeds at close were approximately $320 million (€287.3 million), which included the gross purchase price of $340 million (€305.2 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 Company expects to refinance the remaining outstanding term debt.

Over the past five years, FPD has grown and thrived within Kodak and become a significant player in the package printing industry.

“Closing this sale was a priority for Kodak, and I’m 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 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 maximise value in commercial printing, film and advanced materials.

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

Categories : City News

Tags : FDP Kodak Montagu Sale

  • GM Technology June 2024 web ad
  • Apex Web banner June 2024
  • TN Core June 2024 web ad
  • Ink Tank June 2024 web ad
  • IR Italiana Web ad January 2021
  • Static Control June 2022 Big & Bold Ad
  • G&G Big & Bold Web banner January 2024
  • Cartridge Web June 2024 web ad
  • Biuromax web banner June 2024
  • Mito Web banner June 2024
  • PCL May 2024 web banner
  • Zhono Web ad March 2024
  • Denner Feb 2024 Web Ad
  • HYB Web banner Jan 2024
  • Altkin Web ad March 2024
  • ITP Web ad January 2021
  • CET Web ad December 2023
  • Denner Feb 2024 Web Ad
  • Altkin Web ad March 2024
  • ITP Web ad January 2021
  • HYB Web banner Jan 2024
  • CET Web ad December 2023
  • Mito Web banner June 2024
  • Zhono Web ad March 2024
  • PCL May 2024 web banner
  • PCL May 2024 web banner
  • ITP Web ad January 2021
  • CET Web ad December 2023
  • Altkin Web ad March 2024
  • Denner Feb 2024 Web Ad
  • Zhono Web ad March 2024
  • Mito Web banner June 2024
  • HYB Web banner Jan 2024

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark

The Recycler Subscribe Web ad January 2021
The Recycler Subscribe Web ad January 2021