Kodak buys into 20% shares of China's Lucky

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Last updated at: (Beijing Time) Friday, February 20, 2004

Kodak buys into 20% shares of China's Lucky

The US-based Eastman Kodak has bought into 20 percent stakes of China's leading imaging firm Lucky Film Corp, sources from the two firms have announced.

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The US-based Eastman Kodak has bought into 20 percent stakes of China's leading imaging firm Lucky Film Corp, sources from the two firms have announced.

The Chinese Ministry of Commerce CMC) gave the green light to a bilateral agreement of cooperation which was signed in October last year for the purpose of expanding their respective markets and sharpening their competitiveness, the two firms announced Wednesday.

According to the bilateral agreement, Kodak will contribute 100 million US dollars in cash and provide technical support to assist Lucky in upgrading its existing film production and coating lines and offer an emulsion and coating line to Lucky free of charge.

Kodak has also promised in the agreement not to acquire Lucky's floating shares in the secondary market.

China is the world's fastest growing market for photographic film, and China was already Kodak's second-largest market for photographic film.

Currently, Kodak's investment in China has reached 1.3 billion US dollars and it has set up production bases for films and digital cameras. Besides, Kodak has opened nearly 10,000 outlets for color film enlargement in over 700 cities in China.

Source:Xinhua

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