31 January 2005 – Rochester (NY): Eastman Kodak has entered into a definitive agreement to acquire printer workflow software provider Creo, it has announced.
Under the terms of the agreement, Kodak will pay approximately $980 million in cash for all outstanding shares of Vancouver-based Creo on a diluted basis.
President and CEO Antonio Perez said: "While we are very pleased with the assets that currently compromise our graphics communications group, the Creo acquisition offers us the opportunity to strengthen our position in the market. With this move, we are more confident than ever in our ability to meet or exceed our operational earnings guidance of $3 per share in 2006."
