U.K. Kodak Pension Plan Completes Acquisition of Eastman Kodak Company's Personalized Imaging and Document Imaging Businesses KPP Creates Kodak Alaris to Ensure Long-Term Growth of Valuable Businesses
LONDON, Sept. 3, 2013 /PRNewswire/ -- The U.K. Kodak Pension Plan (KPP) has completed its acquisition of the Kodak Personalized Imaging and Document Imaging businesses from Eastman Kodak Company and created a new company, which will be known as Kodak Alaris. The new company and its name preserve the heritage and legacy of the Kodak brand, while embodying greater speed and agility to meet market needs and changes. Kodak Alaris, which has a perpetual license to use the Kodak brand, will focus on strategic, ongoing investments for these businesses to ensure long-term growth and success.
"Our excitement around the acquisition of these businesses comes not just from their market strength but from what we see as long-term, highly successful growth opportunities," said Steven Ross, independent chairman of KPP. "Today starts the new chapter of a storied brand and we're thrilled with the potential the new company holds for our plan members, our customers, and our employees."
Dennis Olbrich, president of Kodak Alaris' Personalized Imaging business, and Dolores Kruchten, president of Kodak Alaris' Document Imaging business, will provide leadership for Kodak Alaris.
"Innovation has always been critical to our success and it will continue to be a cornerstone of our businesses," said Kruchten. "Under new ownership, we will increase our commitment to pioneering new products and solutions. We will continue to deliver the industry leading services and support that our customers know and trust. And we will be a nimble, innovative company, capable of achieving greater speed to market."
"Our new owner shares the same high commitment to our Kodak Alaris' Personalized Imaging and Document Imaging customers, which is what makes the future of Kodak Alaris so exciting," said Olbrich. "As we celebrate this critical step on our journey, the priority is to continue to meet and exceed the needs of customers and consumers. This we will do by continuing our solid tradition of customer service, all made possible by our committed and talented employees."
When the transaction completes globally, Kodak Alaris will have more than 4,700 employees in approximately 30 countries with expected revenue of more than $1.3 billion.
KPP Trustees Ltd. (KPP), trustee of the Kodak Pension Plan of the United Kingdom (the Plan), is the owner of Kodak Alaris into which the Personalized Imaging and Document Imaging businesses of Eastman Kodak Company are being transferred. The Plan has approximately 15,000 members and assets in excess of £1 billion.
Eastman Kodak Company has licensed the KODAK trademark for use on Personalized Imaging and Document Imaging products as well as in the name of Kodak Alaris to the KPP.
About Kodak Alaris' Personalized Imaging Business
This business combines a unique heritage, expertise and ongoing innovation to market high-quality imaging products and services online, in store and on mobile devices. Kodak Alaris' Personalized Imaging business consists of Retail Systems Solutions, the world leader in retail photo kiosks and dry lab systems, offering retailers a competitive advantage in the photo services market; Paper & Output Systems, offering photo specialty retailers, professional and wholesale labs, and photographers the broadest portfolio of traditional photographic paper and workflow solutions; Film Capture, offering consumers and professionals an award-winning range of still-camera film products; and Event Imaging Solutions, providing digital souvenir photography services and solutions at theme parks, iconic destinations, resorts and other markets worldwide.
About Kodak Alaris' Document Imaging Business
Kodak Alaris' Document Imaging business enables customers to effectively collect data from information flows, route it to the right people within an organization, understand its meaning, and extract more value from its contents through the use of superior systems and solutions. Our offerings include award-winning scanners and capture software, information management platforms, an expanding range of professional services, and industry-leading service and support. From small offices to global operations, Kodak Alaris' Document Imaging business intelligently delivers the solutions that enterprises need, automating business processes, enhancing customer experience management and enabling better business decisions.
SOURCE Kodak Alaris