ROCHESTER, N.Y. -- Eastman Kodak Co. said it has decided to turn the operations of its finance subsidiary over to General Electric Capital Corp.
As part of the outsourcing agreement, GE Capital Vendor Financial Services will purchase the stock of Eastman Kodak Credit Corp. and take over its customer financing.
Kodak formed the subsidiary in 1986 to provide long-term financing to buyers of its equipment. It now has more than 12,000 borrowers and $1 billion in assets, and will retain its name under GE's management.
GE provides such outsourcing, to "help manufacturers focus on their core business and be more competitive," said Gary Wendt, President and chief executive officer of GE Capital.