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Business

Heidelberger to Sell Printing Units to Kodak

Heidelberger Druckmaschinen AG, the world's largest maker of printing equipment, said on Monday it would sell its digital and newspaper printing units to Eastman Kodak Co. for as much as $150 million, according to Bloomberg news. Chief Executive Bernhard Schreier is shifting the Heidelberg-based company's focus back to selling labeling machines after a strategy of expanding into new technology didn't pay off. Its loss in the three months through December widened to €596 million ($736 million) from €95.2 million. "Heidelberg will strengthen its focus on the sheetfed offset business,"' Schreier said in a statement. "We are convinced that this strategy will lead Heidelberg back to profitability very quickly." After announcing its plans to focus on machines that make labels for customers such as Campbell Soup Co. and Bacardi Corp, the company's stock rose as much as 4.7 percent, according to Bloomberg.