Kodak is planning to sell its camera film and photo paper businesses as it looks to reduce losses after filing for bankruptcy protection earlier this year, with Apple and Google teaming up to bid for its patents.
The news came after reports emerged suggesting Apple and Google had come together to bid for Kodak patents. Previously, it appeared the two were to do battle for the IP.
Kodak said it had initiated sale processes for its personalised imaging and document imaging businesses , saying the sale of those assets would help it emerge from bankruptcy protection in 2013.
“We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing – in which we have the broadest portfolio solutions – and enterprise services,” said Antonio Perez, chairman and CEO of Kodak.
“These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalize on those opportunities and extend our leadership in key growth markets.”
According to the Wall Street Journal, Apple and Google are part of a consortium bidding for over 1,100 Kodak patents, alongside Android partners Samsung, LG, HTC and others. It was previously reported that Apple and Microsoft were set to team up to fight Google for the patents.
Sources claimed the offer price for the portfolio would be around $500 million (£315m), which will upset Kodak as it thought its IP was worth around $2.6 billion.
Kodak sued various tech companies, including Apple and RIM, but failed to make any money from its endeavours.
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