Kodak To License Brand To JK Imaging
ROCHESTER, N.Y. (AP) -- Eastman Kodak Co. said Monday that it agreed to license its brand to JK Imaging for certain consumer products, including digital cameras, pocket video cameras and portable projectors.
Financial terms of the multi-year deal were not disclosed.
Founded in 1880, Rochester, N.Y.-based Kodak filed for bankruptcy protection in January 2012 after a long struggle to stay relevant. It was first hit with competition from Japanese companies, then the shift from film to digital photography over the past decade.
In the year since its filing, the company has slashed thousands of jobs, sold businesses and announced plans to shut entire divisions, including the one that manufactures digital cameras. Last month, it agreed to sell its digital imaging patents for about $525 million.
Kodak said Monday that despite its financial troubles its brand remains strong and trusted by consumers.
Joe Atick, JK Imaging's CEO, said the Kodak brand is a natural fit for his company and will use it to bring to market its next generation of portable personal electronics.
Los Angeles-based JK Imaging said that it plans to launch its first Kodak-branded products in the April-June quarter.