Though Kodak has been a big name in the photography world for as long as most of us can remember, the last few years have been unkind to them. The company is nearing bankruptcy and is doing everything it can to avoid it.
Kodak has just taken one more step towards avoiding bankruptcy by selling off its sensor business to a company called Platinum Equity. Kodak says that the new owners are committed to making a successful company for both shareholders and employees.
For their part, Kodak is hoping that having some extra cash on hand will be able to get them back to stability. “This sale maximizes shareholder value by obtaining a full and fair valuation for this business,” says Kodak VP Pradeep Jotwani, “and allows Kodak to increase its financial flexibility.”