04.10.19
Eastman Kodak Company and Montagu Private Equity LLP announced the completion of the sale of Kodak’s Flexographic Packaging Division. 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, which included the gross purchase price of $340 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.
“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.”
Proceeds at close were approximately $320 million, which included the gross purchase price of $340 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.
“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.”