WXXI AM News

Kodak

Eastman Kodak has announced a buyer for its Flexographic Packaging division.

The company had announced last summer it was looking to sell that division and on Monday announced it will be sold to a London-based private equity firm, Montagu Private Equity. Kodak expects to gain up to $390 million from the sale, and it will use the proceeds to pay down outstanding debt.

Under the new ownership, that divison will keep the same management with Chris Payne, who has been president of the division, named as the CEO of the new company.

Eastman Kodak is reporting some improvement in earnings for its 3rd quarter. But the company still faces some big challenges.

Kodak saw net profits of $19 million for the quarter, better than the loss they saw at this time last year, but company officials say after certain one–time charges are taken into account earnings were basically flat.

Sales overall, fell. Revenues of $366 were down $13 million from a year ago.

Eastman Business Park

There is new leadership coming to the Eastman Business Park.

Kodak announced on Thursday that Dolores Kruchten is retiring from her position as leader of the business park and Kodak Corporate Real Estate.

Kruchten has had a 36-year career as a senior executive with Kodak. She took over as Vice President of the business park in 2015.

Eastman Kodak/Kodak Alaris

Eastman Kodak and Kodak Alaris (the company that was spun off from Kodak some years ago) have announced the availability of the Kodak Ektachrome Film line.

That’s a film that had been around for years, and among other things was used to make color film slides.

With the shift to digital, the film has been out of production for several years, but the company had announced in early 2017 it was bringing it back, and this week it began to be available for shipping. The film is being produced at the Eastman Business Park in Rochester.

A longtime Harris Corporation executive  talks about the company's job prospects here in Rochester, just as he takes a new leadership role with the company. 

Meanwhile, job prospects in Rochester won't be as robust next quarter according to a new Manpower survey, plus find out why Kodak and the fashion retailer Forever 21 are joining forces.

Eastman Kodak

Kodak is using its iconic brand to join forces with a fashion retailer.

The company has announced that it is teaming up with Forever 21 on a new apparel collection for the fall season featuring some of Kodak’s many logos and designs, using original colors from Kodak branding and packaging from the 90’s.

The clothing line also draws inspiration from Kodak’s days as a NASCAR team sponsor.

Eastman Kodak says that it plans to sell  to sell its Flexographic Packaging Division.

That division is involved in a form of printing which uses flexible plates to print on a wide variety of packaging materials.

CEO Jeff Clarke says this is a great opportunity to get value for shareholders since there has been strong interest in the division. He says the Flexographic unit has performed exceptionally well, but he says by selling the unit, it will help allow Kodak to focus on growth areas.

Eastman Business Park

Local Kodak and government officials recently celebrated the completion of a $75 million dollar new boiler house located in Eastman Business Park.

That was part of the conversion of the utility plants at the industrial park earlier this year from coal to natural gas.

Eric Gottung is project manager. He works for RED-Rochester, the company that runs utilities at the business park.

He says the conversion from coal to natural gas brings a number of advantages including the fact that it’s better for the environment.

Another top ranking for Wegmans leads this WXXI Business Report. Also, find out about strong job growth numbers for the Rochester metro region, and a new executive appointment at Kodak.

www.kodak.com

Eastman Kodak has announced a new president for its Consumer and Film Division.

Eric-Yves Mahe will take that role effective immediately. He will also continue in his role as president of the Software and Solutions Division.

Mahe will replace John O’Grady, who was named President of the Print Systems division earlier this year.

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