According to Australian photo industry publication Inside Imaging, Kodak has sold its ‘Paper, Photochemicals, Display and Software` business unit to its largest Chinese distributor, Sino Promise Group (Sino also distributes Canon, Epson and Noritsu photo printers and scanners) and transferred its film business to its Kodak Moments business unit.
The confirmation from Inside Imaging comes on the heels of a report that an announcement of the proposed sale was distributed internally within the company.
Sino has been manufacturing Kodak photochemicals as well as silver halide photo paper and dye-sub paper destined for the Asia Pacific market in its Xiamen factory since 2015 and has been manufacturing Kodak medical X-ray film, industrial film, photographic film, photographic paper and photochemicals at its Wuxi factory since 2016.
A screenshot from the `About` section on Sino Promise Group`s website.
We reported back in February 2019 Kodak Alaris was looking to offload its paper and film division, estimated to be worth roughly $34 million at the time. Kodak Alaris went so far as to say in its 2019 financial report (page 16) that it expected ‘the successful completion of the sale of [its] PPF business in the next year.`
According to Inside Imaging`s report, there were multiple entities interested in the division, including Sino, Eastman Kodak (separate entity from Kodak Alaris) and even Chinese film company Lucky Film. In the end, it was Sino Promise Group that sealed the deal. Sino Promise Group was originally planning to purchase more of Kodak Alaris than just the paper and chemistry business, says Inside Imaging, but ‘withdrew at the last minute […] due to concerns with the accounts of the document scanning business unit.` There`s no information on exactly how much the final deal was worth.
We have contacted Kodak Alaris ourselves to independently confirm this information and will update accordingly if we receive a resp ...
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