Onex Corp., Toronto, said it will acquire the health group of Eastman Kodak Co., Rochester, N.Y., for $2.35 billion in cash and future payments of up to $200 million if the company meets certain goals. The sale is expected to close in the first half of this year. Kodak said it will use the proceeds to fully repay its approximately $1.15 billion of secured term debt. About 8,100 employees associated with the health group will continue with the business after the closing. The health group, which includes diagnostic imaging products, reported revenue of $2.54 billion in the 12 months ended Sept. 30, 2006. The move to Onex Healthcare Holdings will sharpen Kodaks strategic focus on consumer and professional imaging and the graphic communications industry, officials said. -- by Cinda Becker
Onex to buy Kodak health group
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