Brother Industries Ltd. announced its plan to enter an agreement with Eastman Kodak Company to purchase certain assets of Kodak's Document Imaging business (DI). According to its press release, "Under the agreement, Brother would acquire these assets for approximately US$210 million in cash subject to certain price adjustments, plus the assumption of specified liabilities."
Brother Industries procurement of Kodak's Document Imaging Business include approximately US $67 million deferred revenue liabilities associated with customer prepayments. If Brother had been selected as the successful bidder at the auction of Kodak's Document Imaging Business, the company "expects to complete the acquisition in the third quarter of 2013."
“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.”
Upon the possible procurement of Kodak Document Imaging Business, Brother expects to be a complement for its existing lineup which includes Brother Multi-Function Center all-in-ones and Brother ImageCenter scanners:
"Brother will acquire those assets and personnel required for the continued operation of DI. This addition, which includes Document Scanners, Image Capture Software and Technical Services, will allow Brother to offer a more robust portfolio of document scanning hardware, services and solutions to small, medium and large businesses, positioning the Company to take full advantage of the evolving office solution marketplace."
Sources: Brother Industries Signs Agreement to Purchase the Document Imaging Business of Eastman Kodak, RechargerMag.com
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