American technology company Eastman Kodak has signed an agreement with Lucky HuaGuang Graphics to accelerate the growth of its SONORA plates in China.
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The agreement covers all regions in the People’s Republic of China including Hong Kong SAR, Macau SAR and Taiwan.
As part of the deal, Kodak will sell its offset printing plates facility in Xiamen, China to HuaGuang. In return, HuaGuang will support Kodak to fulfil its existing customer demand through a supply agreement.
Kodak, through an IP agreement, will also licence its technology to HuaGuang to expand the market in China.
Kodak senior vice-president John O’Grady said: “The endorsement of SONORA by one of the biggest players in the industry is a testament to the strength of Kodak’s technology.
“We are excited to work with HuaGuang to advance the conversion of China’s print market to process free plates and help print industry customers – and those they serve – lower their environmental impact.”
The partnership is currently subject to the satisfaction of customary closing conditions. It expected to be formally established in the third quarter of this year.
Leveraging HuaGuang’s market leadership and Kodak technology, the strategic alliance will focus on accelerating the broad conversion to Kodak’s process free technologies in China.
In addition, the companies will work together to deliver innovative products in the future.
HuaGuang president Zhang Tao said: “Kodak is a well-known company in the pre-press field, the new cooperation with it can speed up the conversion of offset plates to process free plates in China, which will promote the process of green environmental protection in the printing industry in China.”
In April this year, Kodak completed the sale of its Flexographic Packaging Division (FPD) to Montagu Private Equity for a purchase price of $340m.
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What is the impact of China’s Zero-COVID lockdowns on economic activity, consumer goods and the foodservice industry?
- Which multinational companies have been affected?
- What is the effect of lockdowns on foodservice?
- What is the effect of lockdowns on Chinese ports?
- Spotlight on Shanghai: what is the situation there?
- How have Chinese consumers reacted?
- How might the Chinese government react?
- What are the potential growth opportunities?