Embattled Kodak commits to keeping some operations in NY state
Will keep advanced manufacturing, research centre at 1,200-acre business park in Rochester
ROCHESTER, N.Y.—New York state and Eastman Kodak Co. have reached a deal that will keep some of the troubled company’s operations in Rochester and provide $49-million for environmental cleanup at the once bustling Eastman Business Park.
Local media outlets report Kodak will keep advanced manufacturing and its research centre at the 1,200-acre site and lease property there to two companies it will spin off as it restructures under bankruptcy court protection.
Illinois-based Recycled Energy Development, which said last year it will buy, upgrade and operate utilities on the business park grounds, will also expand operations there.
The goal is to stabilize the mostly empty site and attract more businesses.
There are currently 35 companies employing 6,000 people at the park.
The deal is subject to bankruptcy court approval.