Kodak To acquire relief plates business from Japan’s TOK
Monday, November 22, 2010
Press release from the issuing company
Rochester – Eastman Kodak Company has reached an agreement to acquire substantially all of the assets of the relief plates business of Tokyo Ohka Kogyo Company (TOK). The acquisition will expand and enhance Kodak’s capabilities to serve customers, particularly in the packaging industry, a key growth segment for the company.
The relief plate business includes flexography, letterpress, Braille and molding plate products produced and marketed by TOK worldwide. Included in the acquisition agreement is a manufacturing plant located in Yamanashi Prefecture, west of Tokyo, that produces relief plates.
TOK has a diversified business in microelectronics technology and equipment, as well as industrial materials.
Kodak is a worldwide leader in the printing plates market, with a portfolio that includes digital offset plates, flexographic plates, analog offset plates, and processing equipment, which complement a range of computer-to-plate devices and a comprehensive family of Kodak prepress solutions. Kodak has been steadily expanding its portfolio to offer complete solutions for packaging customers, including the award-winning KODAK FLEXCEL NX Digital Flexographic System, KODAK PRINERGY POWERPACK Workflow, and the KODAK APPROVAL NX Digital Color Imaging System.
“Kodak is strongly committed to the packaging industry and we are seeing growing demand, especially in the Asia-Pacific region. We are delighted by this opportunity to add TOK’s talented employees to our existing team for the benefit of our customers and shareholders,” said Douglas Edwards, Kodak Vice President and General Manager, Prepress Solutions. “Delivering solutions for the packaging industry is one of Kodak’s key corporate growth initiatives, and we expect to double revenues in this segment by 2012, so this will contribute toward that goal.”
The approximately 100 employees who are part of TOK’s relief plates business are expected to join Kodak upon completion of the acquisition, which is expected to occur during the first quarter of 2011, subject to customary closing conditions.
“Kodak is the ideal recipient of our business because they are committed to grow their business. As a result, this will benefit our customers and employees,” said Yoichi Nakamura , TOK president.
Until the acquisition is completed, both companies will continue to operate their packaging industry businesses independently, supplying their current customers.
Financial terms of the agreement are not being disclosed.
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