After months of shopping its PROSPER inkjet business, Kodak announced Friday that it will not sell that Ohio-based division after all.
The company says the decision was made “following in-depth management review of business operations and multiple discussions with prospective buyers.”
CEO Jeff Clarke calls it a “pragmatic decision given the improvements in the business and the offers received.” He says PROSPER performed well last year with a 40 percent increase in annuity sales for the full year.
Kodak says it will continue to invest in the ULTRASTREAM technology that is part of the PROSPER business.
Kodak Chief Financial Officer David Bullwinkle says that there was strong interest in the business, but he says that while the company had multiple officers, “the range of consideration did not reflect the value of the business today.”
On Friday, Kodak also announced that Randy Vandagriff, wo has played an integral role in the development of ULTRASTREAM and Kodak’s digital print business since 2004, will become president of the Enterprise Inkjet Systems division effective in May. He will replace Philip Cullimore who is leaving Kodak to take a career sabbatical.
Clarke says Cullimore has had a strong track record of improving the businesses he has managed at Kodak and this will be an opportunity for him to pursue his goal of running a business headquartered near his European base.