Kodak sells image sensor unit

Eastman Kodak, which needs to quickly sell assets and/or patents to stay afloat, has sold its Image Sensor Solutions division. The buyer is Platinum Equity, a merger and acquisitions operation, and the amount was not disclosed.

Kodak has said that it needs to raise $200 million from asset sales and $500 in additional financing.

The Image Sensor Solutions division helped develop the first camera prototype and the image sensor used in the Space Shuttle program.

“Image Sensor Solutions is a business that is well-positioned in the high-performance imaging markets in which it participates. This sale maximizes shareholder value by obtaining a full and fair valuation for this business, and allows Kodak to increase its financial flexibility.”
— Pradeep Jotwani, President, Consumer Imaging Group, and Senior Vice President, Eastman Kodak Company

Source: Kodak press release via Liana Baker at Reuters.