The transaction was valued at approximately $988 million. Kodak expects the acquisition to add approximately $700 million in revenue.
“The inclusion of Creo – its solutions and its people – into Kodak marks another significant milestone in our journey to become the global leader in graphic communications,” said James Langley, president, GCG, and senior vice president, Eastman Kodak Company. “The addition of a complementary portfolio of leading computer-to-plate equipment, workflow software, prepress, proofing, digital plates, scanning and image capture solutions, in addition to the highly talented Creo team, will make Kodak a stronger partner for our customers.”
Judi Hess, formerly president, Creo, has joined Kodak and will lead the Workflow & Prepress strategic product group as general manager and vice president.
Ms. Hess will remain based in Vancouver, B.C., which will serve as GCG’s center for prepress and workflow applications. She reports to Jeff Jacobson, COO, GCG, and president, GS&S.
Several other senior Creo managers will join Kodak now that the acquisition is complete, including chief technology officer Dan Gelbart, who is joining Kodak as a senior research fellow and special advisor to Mr. Langley.
“Since the completion of the acquisition of Kodak Polychrome Graphics (KPG) in April, we have made tremendous progress on integration,” said Mr. Jacobson. “We’ve put a new organizational structure in place, named a strong leadership team, and increased collaboration in sales and service. The completion of the Creo acquisition will only accelerate our integration activities, and allow us to achieve synergies and to offer our customers more and better solutions to help them grow their businesses.”