MANHASSET, N.Y. Eastman Kodak Co. has completed the sale of its Remote Sensing Systems (RSS) operations to ITT Industries Inc. for $725 million in cash.
RSS was part of Kodak's Commercial & Government Systems' operation within the Commercial Imaging Group and its customers include NASA, other U.S. government agencies, and aerospace and defense companies. Kodak's RSS operation, including Research Systems, Inc. (RSI), had sales last year of roughly $425 million.
Kodak expects to realize approximately $475 million in cash from the sale as the company continues to realign its business to focus on advanced digital technologies such as OLED (organic-light-emitting-diode) displays.
All 2,000 RSS and RSI employees will transfer to ITT Industries, with Rochester as the headquarters for ITT's new Space Systems Division. James Manchisi, president of RSS, will join ITT Industries Space Systems Division as President, reporting to Henry J. Driesse, President, ITT Industries, Defense.