As its patent auction continues to meander along, Eastman Kodak Company has revealed that it's attempting to sell off its Personalized Imaging and Document Imaging businesses.
Kodak explains that this is yet another step toward its goal of emerging from Chapter 11 as a business that focuses mostly on commercial, packaging and functional printing solutions, as well as enterprise services. Needless to say, the money it makes off of this sale will be put toward the the hundreds of millions of dollars that Kodak owes to its creditors.
Kodak's Personalized Imaging business consists of retail systems solutions (which includes 105,000 picture kiosks), paper and output systems, plus event imaging solutions. Meanwhile, the Document Imaging business features a portfolio of scanners, capture software and services to enterprise customers.
"We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing, and enterprise services," said Antonio M. Perez, Chairman and Chief Executive Officer of Eastman Kodak Company, in a prepared statement. "These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalize on those opportunities and extend our leadership in key growth markets."
Kodak expects that these sales will be completed by the first half of 2013.
The company also acknowledged its patent auction within this media release, but didn't provide any detail regarding when it will come to a close.
Kodak filed for Chapter 11 bankruptcy protection in January.