The Kodak saga took another turn as the company called Kodak Alaris announced that it was selling the paper and chemistry business to a Chinese firm called Sino Promise Holdings.
For those of you who are not familiar with Kodak Alaris, it is the UK-based company that shares a name with the legendary Eastman Kodak. Formed after Kodak’s bankruptcy, Kodak Alaris is part of a nearly $USD 3 billion claim by the former pension fund for the company. Sino Promise, a Hong Kong-based company, claims to be the largest distributor of Kodak Alaris products in the world which would make the acquisition a natural move for them.
The move ends a process that began in 2019 according to PetaPixel. Kodak Alaris has apparently shopped around the business for a while now and their agreement with Sino Promise Holdings to sell the paper and chemistry business for $USD 34 million represents the culmination of that effort. The film unit was not a part of the sale to Sino Promise Holdings. From here on that will be part of the Kodak Moments’ division of Kodak Alaris.
There are reports that Sino Promise Holdings had actually wanted a much larger chunk of Kodak Alaris than they got but those talks collapsed. Another interesting tidbit being reported by multiple outlets is that Eastman Kodak was interested in purchasing the paper and chemistry business but was crowded out of the race by the size of Kodak Alaris’ Chinese suitor.
What do you think of Kodak Paper and Chemistry getting purchased by a Chinese firm? Let us know your thoughts on this story in the comments section below if you like.
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