Kodak Sells Burrell Photo-Lab Network
ROCHESTER, N.Y. (AP) _ Eastman Kodak Co. has sold for an undisclosed price Burrell Professional Labs, an Indiana-based chain of professional photo labs it acquired for $62 million in January.
The buyer is Jasco, a privately-held, Rochester-based manufacturer best known for its precision machining and cutting tools.
``We’ve had success managing manufacturing companies as well as sales and service companies in transition in situations very similar to Burrell’s, which is in the midst of the transition to digital imaging,″ Jasco’s chief executive, John Summers, said in a statement Monday.
Kodak, the world’s biggest photography company, was required to buy Burrell, a longtime business partner, under an agreement it negotiated several years ago with founder Don Burrell, who was retiring. Kodak made it clear it planned to quickly resell the business.
Last month, Kodak slashed its dividend by more than 70 percent as it scrambles to redirect resources into the fast-growing digital market and away from its conventional film business.
Based in Crown Point, Ind., Burrell operates nine labs in California, Texas, Florida, Washington and five Midwest cities that primarily serve wedding and professional photographers. It was founded in 1960.
In morning trading Tuesday on the New York Stock Exchange, Kodak shares were down 31 cents at $21.04.
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