Eastman Kodak Company says it’s completed the sale of its Flexographic Packaging Division to Montagu Private Equity LLP.
The executive team has moved along with the company to form a new firm known as Miraclon. Kodak was paid $340 million, less the company’s debt which makes the final purchase price about $320 million. Kodak says it’s using the cash infusion to reduce its long-term debt.
Flexographic has been a major player in the package printing industry.