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PRESS RELEASE: Kodak Receives Approval from European Union to Purchase Creo
ROCHESTER, N.Y., May 4 -- Eastman Kodak Company (NYSE:EK) announced that it has received the approval of the European Union to complete its proposed acquisition of Creo Inc. (NASDAQ: CREO, TSX: CRE).
Kodak announced on January 31 that it had entered into a definitive agreement to acquire Creo, a premier supplier of prepress systems used by commercial printers worldwide. Based in Vancouver, Canada, Creo is the world's No. 1 provider of workflow software used by printers to manage efficiently the movement of text, graphics and images from the computer screen to the printing press.The shareholders of Creo approved the transaction on March 29.
The EU's action follows approvals received from regulatory authorities in Canada and Israel. Kodak continues to work with the authorities of the United States and South Africa to secure regulatory approval, and the company remains confident that it will complete the acquisition later this summer.
(First posted on Thursday, May 5, 2005 at 15:25 EDT)