Eastman Kodak has completed the sale of the Flexographic Packaging Division to Montagu, a London-based private equity firm.
That sale will net Kodak about $320 million, which it will use to pay down debt. As the company previously announced, the leadership team for the division will continue to directly manage the business, which will now be called Miraclon. Chris Payne, who had been president of the division, will now be CEO for Miraclon.
Miraclon has more than 300 employees overall with more than 30 staff based in Rochester. Its main manufacturing sites are in Oklahoma and Japan with a central office in Belgium.
Kodak says that over the last five years the Flexographic Packaging Division has become a significant player in the package printing industry. Kodak’s Executive Chairman, Jim Continenza, says that this is one of the many steps the company is taking to increase financial stability and generate cash for shareholders.
Kodak also says it remains committed to developing products and services for the print industry.