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Kodak sells online business to Shutterfly, patent sale pending

Eastman Kodak Co has agreed to sell its online photo services business to Shutterfly Inc for USD23.8 million, kicking off the bankrupt photography pioneer’s re-launch as a much slimmer company although a patent sale seen crucial to its turnaround may still be months away.

The once-iconic company that invented the hand-held camera has said it will quit the camera business and is expected to fetch USD1 billion to USD2b from the sale of about 1,100 digital patents, which is due to get under way by 30 June.

Kodak is focusing its consumer business on retail and destination photo solutions as well as home printing products, Pradeep Jotwani, president, consumer businesses and chief marketing officer of Kodak, said in a statement.