Brother Industries Announced to Acquire Kodak Document Imaging BusinessApril 16, 2013 No Comments
On April 15, Brother Industries Ltd. had announced that it is under the process of an agreement with Eastman Kodak to acquire certain assets of Kodak’s Document Imaging Business (DI). As stated in Brother’s official press release, “the agreement is the initial stalking horse bid under Section 363 of the U.S. Bankruptcy Code, to be followed by an orderly auction process under certain procedures set forth in the agreement.”
“We believe that Kodak Document Imaging is an asset that will help to strengthen Brother’s global position in document imaging solutions and enable us to provide an enhanced product and service offering to an expanded universe of customers,” said Toshikazu Koike, Representative Director and President of Brother Industries, Ltd. “Kodak Document Imaging has a long history of innovation in the scanning and document field and is a natural fit for Brother.”
Under the said agreement, Brother Industries would acquire Kodak Document Imaging Business Assets for approximately US$210 million in cash subject to certain price adjustments and the assumption of specified liabilities:
“Brother will assume the specified assets and liabilities of DI, which include approximately US$67million deferred revenue liabilities associated with customer prepayments. If Brother is selected as the successful bidder at the auction, or if no qualified competing bids are timely submitted, and subject to court and other regulatory approvals, the Company expects to complete the acquisition in the third quarter of 2013.”
- Brother Industries Signs Agreement to Purchase the Document Imaging Business of Eastman Kodak
Kodak’s Document Imaging Business is said to complement and boost the effectiveness of Brother’s existing lineup which includes Brother Multi-Function Center all-in-ones and Brother ImageCenter scanners. Included in Kodak’s Document Imaging Business that Brother Industries will acquire includes Document Scanners, Image Capture Software and Technical Services, which by all means will definitely allow Brother ”offer a more robust portfolio of document scanning hardware, services and solutions to small, medium and large businesses”
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