Kodak will acquire Japanese relief plates business Tokyo Ohka Kogyo Company to expand it packaging businessKodak GCG mergers & acquisitions
Kodak has reached an agreement to acquire Japanese relief plates business Tokyo Ohka Kogyo Company (TOK). The acquisition is expected to expand and enhance Kodak’s capabilities in the packaging industry, a key growth segment for the company.
The relief plate business includes flexography, letterpress, Braille and molding plate products produced and marketed by TOK worldwide. Included in the acquisition agreement is a manufacturing plant located in Yamanashi Prefecture, west of Tokyo, which produces relief plates.
TOK has a diversified business in microelectronics technology and equipment, as well as industrial materials.
Douglas Edwards, Kodak vice president and general manager, prepress solutions says, “Kodak is strongly committed to the packaging industry and we are seeing growing demand, especially in the Asia-Pacific region. We are delighted by this opportunity to add TOK’s talented employees to our existing team for the benefit of our customers and shareholders.
“Delivering solutions for the packaging industry is one of Kodak’s key corporate growth initiatives, and we expect to double revenues in this segment by 2012, so this will contribute toward that goal.”
The approximately 100 employees who are part of TOK’s relief plates business are expected to join Kodak upon completion of the acquisition, which is expected to occur during the first quarter of 2011, subject to customary closing conditions.
Also commenting, Yoichi Nakamura, president of TOK says, “Kodak is the ideal recipient of our business because they are committed to grow their business. As a result, this will benefit our customers and employees.”
Until the acquisition is completed, both companies will continue to operate their packaging industry businesses independently, supplying their current customers. Financial terms of the agreement have not been disclosed.
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