Sun Chemical finalized the previously announced redemption of its 50 percent share in Kodak Polychrome Graphics (KPG), a joint venture established in 1988 with Eastman Kodak Company. Prior to the completion of the stock redemption, Sun Chemical and Kodak had each owned half of KPG.
Cash payments for the redemption total $816.5 million, to be paid over several years, and $316.5 million was received at the closing. Existing sales and distribution arrangements between KPG and Sun Chemical will remain in place.
“The successful redemption of Sun Chemical’s interest in KPG creates a significant opportunity for Sun Chemical to aggressively pursue its growth strategies,” said Wes Lucas, chairman, president and CEO of Sun Chemical. “This transaction will support development in several new markets, products and technologies, and ensuring that we provide superior value to our customers in the inks, coatings and pigments markets.”