Kodak Polychrome Graphics to Acquire Color Proofing Business from Imation
Press release from the issuing company
500 employees will transfer from Imation to KPG as part of the transaction.
Collectively the companies have an impressive 14 GATF InterTech Awards.
Includes the full line of Matchprint brand products and proofing systems.
Norwalk, Connecticut, USA -- Kodak Polychrome Graphics (KPG) announced today that it has reached a definitive agreement with Imation Corp. (NYSE: IMN) to acquire its worldwide color proofing and color software businesses, including its MatchprintTM line of color proofing systems for a total of $50 million in cash.
Under terms of the agreement, KPG will acquire Imation’s full portfolio of color proofing, film, plate, and color software offerings, as well as Imation’s Color Technologies manufacturing facility in Weatherford, Oklahoma. Approximately 500 employees will transfer from Imation to KPG as part of the transaction.
“Like KPG, Imation has a history of creating groundbreaking products,” said Jeff Jacobson, Chief Executive Officer, KPG. “Imation s proofing and color software portfolio complement and expand KPG’s offerings. Upon completion of this acquisition, customers of both companies - and the entire industry - will benefit from even greater choices in color proofing and the management of color in today’s workflows. Collectively the companies have an impressive 14 Graphic Arts Technical Foundation (GATF) InterTech Awards.”
“The sale of our color proofing and color software businesses is a positive step for our customers, employees and shareholders,” said Bill Monahan, Chairman and Chief Executive Officer of Imation. “Our employees will have the opportunity to participate in a company that is singularly focused on the graphic arts industry. And customers will benefit from a broader and deeper range of products and services from which to choose. Upon completion of the sale, Imation gains increased focus, building on our core strengths and opportunities in the data storage market.”
KPG’s proofing portfolio includes the Kodak Approval Digital Color Proofing system including Recipe Color software, Kodak Approval Type 2 Media, as well as the new Kodak Polychrome Graphics First Check Desktop Color Proofer. The Kodak Approval system has won two GATF InterTech Awards for Approval in 1993 and for Recipe Color software in 2000.
KPG’s acquisition includes the full line of Matchprint brand products and proofing systems, including: Matchprint conventional proofing systems, Matchprint Digital Halftone GT with GAMUTec Technology, the Matchprint Professional Server, Matchprint Inkjet System, the Matchprint Inkjet Proofing System 5046/5060 and the Matchprint Virtual Proofing System. In addition, KPG will acquire Imation s VerifiTM Accurate Web Color, the Color Fidelity Module, ColorKey and Rainbow Proofing Systems Models 2040/4700. Upon completion of the deal, Imation customers will continue to receive high quality film and plate products from KPG.
The Matchprint Professional Server received a 2001 InterTech Award. The Matchprint Professional Server, a Color Front End (CFE), or RIP, leverages Imation’s color technology to produce fast, accurate and consistent output from creative through to production. Imation’s Matchprint Professional Server produces color simulating the Matchprint Color Proofing System.
“The InterTech Award is evidence that Imation people continue to be in touch with the evolving needs of the graphic arts industry with innovations,” said Jeff Jacobson.
Consummation of the transaction is subject to notification and expiration of the waiting periods under applicable antitrust approval requirements and other customary closing conditions. The transaction is expected to close by the end of 2001.
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