ROCHESTER, N.Y., Oct. 23 -- Eastman Kodak Co. and China Lucky Film Corp. have signed a 20-year agreement under which they will work together to expand each company's market opportunities. As part of the agreement, Kodak will acquire 20 percent of Lucky Film Co. Ltd. in exchange for cash and other assets.
Under the agreement, Kodak will provide technical support, equipment upgrades and training to Lucky, which will pay Kodak for the use of selected technologies and dividends on the shares Kodak owns.
Kodak said the cost of the transaction, when fully implemented, will total approximately $100 million in cash plus other assets. The majority of the cash outlay will occur in 2004. The final cooperative contract is subject to the approval of relevant departments of the Chinese government.
For more information, visit: www.kodak.com