24 October 1994 00:00 [Source: ICB]
EASTMAN KODAK has announced an agreement to sell the DIY products business of its L&F unit to New York-based investment firm Forstmann Little for $700m. The agreement means the company has completed its divestiture programme and now focuses almost exclusively on its core imaging business.
The deal, to be completed by mid-November, involves the transfer of all assets, including production and distribution facilities, to the purchaser. Kodak has said it will use the proceeds to reduce debt and for other company purposes.
The transaction completes the major portion of Kodak's divestiture programme.
As part of this programme, the company will also sell its pharmaceutical research and development facility and its NanoSystems unit, a small technology development operation.
L&F Products' do-it-yourself businesses market a wide range of wood finishing products, including interior stains and clear finishes, exterior waterproofing products, interior wood finishing products and speciality enamels. Key brands include Thompson's Minwax Formby's Red Devil and Ronseal (in the UK and Ireland).
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