Rochester Business Journal
December 23, 2011
Eastman Kodak Co. announced two moves Thursday: the sale of a longtime operation and the promotion of its top lawyer to company president.
Kodak?s board elected Laura Quatela as president, effective Jan. 1, the company said Thursday after the market closed. Quatela, 54, is currently Kodak?s general counsel.
Philip Faraci also will continue as president, a position he has held since September 2007. Both report to Chairman and CEO Antonio Perez.
"Laura's election reflects her increasing role in the company, including the strategic importance of the intellectual property business,? Perez said in a statement.
Patrick Sheller, the company?s deputy general counsel as well as corporate secretary and chief compliance officer, is to succeed Quatela as general counsel. He will continue to serve as secretary to the board of directors.
Kodak also said it agreed to sell Eastman Gelatine Corp. to Rousselot, part of the Vion Food Group. Financial details were not disclosed. The company expects the deal to close within 30 days.
Some 95 Eastman Gel employees will continue with the business following the closing. The deal includes 575,000 square foot of production space in Peabody, Mass.
Kodak said the sale is part of its previously announced intention to sell non-core assets to sharpen the company?s focus on its digital growth initiatives and accelerate Kodak?s transformation to a digital company.
Eastman Gel has been successfully managing the transition of the photographic market by increasingly expanding its sales into non-photographic categories, such as the pharmaceutical, edible protein and food/confectionary categories, officials said.
Eastman Gelatine has been a Kodak subsidiary since 1930, when Kodak bought the plant of American Glue Co.
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Source: http://www.rbj.net/article.asp?aID=189840
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