Kodak 2004 Annual Report Download - page 99

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Financials
97
2004 SUMMARY ANNUAL REPORT
of 2006, and $50 million in cash annually from 2008 through 2013, for
a total of $817 million. The Company will fund the redemption through
internally generated cash fl ow. The Company will initially operate KPG as a
wholly owned subsidiary within the Graphic Communications segment. The
Company completed its acquisition of KPG on April 1, 2005.
On January 31, 2005, the Company announced that it had entered
into a defi nitive agreement to acquire Creo, Inc. (Creo), a premier supplier
of prepress systems used by commercial printers worldwide. Under the
terms of the agreement, the Company will pay approximately $980 million
in cash, or $16.50 per share, for all the outstanding shares of Creo, on a
fully diluted basis. The transaction will provide the Company an innovative
digital pre-press product portfolio and established relationships in the com-
mercial printing segment. The transaction, which has been approved by the
Company’s and Creo’s respective boards of directors, is to be carried out by
statutory plan of arrangement under Canadian law and is subject to regula-
tory approvals, the approval of Creo’s shareholders, and court approval.
Upon the closing of the transaction, Creo’s operations will become part of
the Graphic Communications segment. The transaction is expected to close
by the end of the third quarter of 2005.