|[March 25, 2014]
Kodak to Offer Eastman Business Park for Sale
ROCHESTER, N.Y. --(Business Wire)--
Kodak (News - Alert) will pursue the sale of Eastman Business Park (EBP), one of the
nation's largest and most diverse industrial and technology parks.
Kodak believes the uniquely well-equipped site can best continue its
transformation into a multi-use, multi-tenant industrial facility under
the ownership of a firm focused on its redevelopment. At the same time,
EBP's sale will help Kodak to maintain its focus on its commercial
Jeff Clarke, Chief Executive Officer of Kodak, said, "Eastman Business
Park is already on the path to becoming a powerful economic growth
engine for our region and a vibrant center of invention to several
technology sectors. A strong new owner will expedite that process. At
the same time, Kodak needs to focus on what it does best: innovating and
delivering superior solutions to customers around the world. Selling EBP
is the right move for the right reasons at the right time."
As the process moves forward, Kodak will continue to fully support the
growing tenant and owner base, now numbering more than 50, including
several Fortune 500 companies, and in continuing initiatives with
government and economic development officials to attract new tenants.
"New York State's commitment to Eastman Business Park (EBP) remains
resolute. EBP is a critical center of employment for the Rochester
economy and the growth of EBP is the highest priority of the Finger
Lakes Region Economic Development Council. We will continue to work with
Kodak and a potential new owner to ensure stability and attract more
private investment and advanced manufacturing jobs to EBP," said Kenneth
Adams, President, Chief Executive Officer and Commissioner, Empire State
"We believe that Eastman Business Park offers definitive advantages in
attracting new tenants," said Brad W. Kruchten, President, Graphics,
Entertainment and Commercial Films Group. "While we've made extensive
improvements in the Park over the last several years, a number of
developments have occurred in recent months that present us with the
opportunity to bring in a buyer who can best support EBP in reaching its
These developments include:
Under the leadership of Governor Andrew Cuomo, commitments for more
than $90 million in investments by New York State to attract new
companies that are transforming EBP into a diverse hub for research
and development and high tech manufacturing, showcased in a recent
visit to the site by the Governor.
Completion of the acquisition of the site's utilities by RED, an
industrial energy efficiency firm that will upgrade and operate the
unique and comprehensive utility infrastructure, providing stability
for EBP and its tenant companies.
Support from the U.S. Environmental Protection Agency and the New York
State Department of Environmental Conservation to move ahead with an
environmental trust administered by the state, providing for ongoing
environmental protection and resolution of legacy environmental issues.
Growth in the occupancy of EBP to more than 50 tenants and owners,
with about 4,700 jobs and 7.2 million square feet of space at the
Kodak's commitment to maintain a significant presence at the site,
encompassing research, development and manufacturing activities,
including two new projects focused on production of films for touch
screen sensors in collaboration with UniPixel and Kingsbury.
"Hundreds of new high-tech research and advanced manufacturing jobs have
been created at Eastman Business Park over the last two years," said
Kruchten. "The site is now positioned to realize its potential to
develop new, cutting-edge technologies, especially in functional films,
energy storage and bioscience and biofuels. We will identify a buyer who
shares our vision for the great potential of this site to be a robust
EBP encompasses 1,200 acres in the City of Rochester and Town of Greece.
It has extensive infrastructure support, including a power plant with
125 megawatts of capacity, water supply and wastewater treatment
facilities, security and emergency services, and an in-plant railroad.
Its unique infrastructure has allowed middle-stage technology companies
to develop their businesses from the lab-scale prototype stages to the
later stages of production - including full product commercialization.
A number of leading governmental officials and elected representatives
with whom Kodak has worked on these redevelopment efforts have expressed
their support and belief in the vision for EBP to be an engine for
regional and state economic growth. Their comments and other materials
about EBP are reflected here.
Interested parties may contact Paula Gutkin, Kodak's managing director
of Corporate Development for further information (firstname.lastname@example.org).
Kodak is a technology company focused on imaging for business. Kodak
serves customers with disruptive technologies and breakthrough solutions
for the product goods packaging, graphic communications and functional
printing industries. The company also offers leading products and
services in Entertainment Imaging and Commercial Films. For additional
information on Kodak, visit us at kodak.com,
follow us on Twitter (News - Alert) @Kodak,
or like us on Facebook (News - Alert) at KodakNow.
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