Nov 20 2010
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 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.