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Kodak to transfer remote sensing operation to ITT

Posted: 12 Feb 2004 ?? ?Print Version ?Bookmark and Share

Keywords:eastman kodak? remote sensing systems? itt? remote sensing systems? rss?

Eastman Kodak Co. has decided to sell its Remote Sensing Systems operation to ITT Ind. Inc. Under the terms of the agreement, Kodak will sell the assets and business of the Remote Sensing Systems (RSS) operation, including the stock of Kodak's wholly owned subsidiary, Research Systems Inc. (RSI), to ITT for about $725 million in cash.

Kodak expects that all 1,800 RSS and RSI employees will transfer to ITT and that Rochester will be the headquarters for ITT's new Space Systems Division. James Manchisi, president of RSS, will join the new organization as president and general manager of ITT Ind. Space Systems Division and will be reporting to Henry J. Driesse president of ITT Ind. Defense Electronics & Services.

"As we sharpen our focus on the commercial, consumer and health imaging markets, we will look to divest lines of business that do not fit tightly with our growth strategy," said Daniel A. Carp, Chairman and CEO, Kodak.

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