Kodak Announces Agreement to Sell Eastman Gelatine Subsidiary; Terms Not Disclosed

Eastman Kodak Company

announced today that, consistent with its previously announced intention to sell non-core assets to sharpen the Company's focus on its digital growth initiatives and accelerate Kodak's transformation to a digital company, it has agreed to sell its Eastman Gelatine Corporation business to Rousselot, part of the Vion Food Group. Financial details were not disclosed. Subject to customary closing conditions, the transaction is expected to close within 30 days. About 95 Eastman Gel employees associated with the business will continue with the business following the closing. Included in the sale is 575,000 square foot of production space in Peabody, Mass. Eastman Gel has been successfully managing the transition of the photographic market by increasingly expanding its sales into non-photographic categories, such as the pharmaceutical, edible protein and food/confectionary categories.