Kodak offloads RSS division to ITT for 388m

Kodak is to sell its Remote Sensing Systems (RSS) operation to ITT Industries in a 388m ($725m) cash deal, which includes the stock of its subsidiary Research Systems (RS).

The move has added fuel to the flames that Kodaks acquisition of Heidelbergs 50% stake in their NexPress joint venture could be completed within the next few days.

A spokesman for Kodak said the monies attained from the deal would initially become part of the companys cashflow, but beyond that he declined to say what it would be used for.

He also declined to comment on the situation regarding a potential acquisition of Heidelbergs NexPress shareholding.