Thu, 07 Feb 2019 | BUSINESS SALE
Kodak Alaris has revealed that it is in the "advanced stages of negotiations" with potential buyers after putting its film division up for sale.
The Hertfordshire-based company that is responsible for the manufacture of Kodak photographic suppliers has reportedly been put up for sale. The firm revealed that a deal for its Paper, Photochemicals and Film (PPA) unit is expected to be completed by the end of March following high levels of interest from potential buyers.
Kodak's paper chemistry and film business is currently valued at around £34 million and has been on the market since January 2018, following which it was approached by multiple prospective buyers.
"Management is actively marketing the business and expects to complete a sale of the PPF business before 31 March, 2019," the company's financial report confirmed, "We are in advanced discussions with a bidder to sell the PPF business and all of its assets," added company chairman Mark Elliott."
Founded in 2013 after Eastman Kodak filed for bankruptcy, Kodak Alaris was formed with the UK Kodak Pension Plan (KPP) to resolve a claim of £2.8 billion, with KPP the firm's sole shareholder. The company is responsible for marketing Kodak photographic and business products, but not the Kodak company's camera line.
The fund has a deficit of £1.5 billion and was instructed by trustees to explore its sale to cover some of this loss. Other components of the firm including Kodak Moments, Alaris and AI Foundry, which will not be included in the current sale. However, the sale will not be completed until a satisfactory price has been agreed.
Nigel Moore, chairman of the KPP trustees, confirmed: "If offers reflecting the true value of the business are not received, then ownership of Kodak Alaris will pass to the (Pension Protection Fund) who will manage the asset in the same way as other scheme assets that are acquired."
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