Eastman Kodak Co. said Thursday it has agreed to sell its water treatment facility to the Monroe County Water Authority for at least $9.5 million.
The facility is on 17 acres of land on Edgemere Drive in Greece. It includes intake lines extending into Lake Ontario and transmission piping to the business park. Kodak will receive $9.5 million over an initial 18 months from closing, with future consideration based on the volume of water purchases, said Chris Veronda, Kodak spokesman.
Kodak and Water Authority officials are finalizing the deal, he said. They expect it to close in the second quarter.
The company and the Water Authority also reached an agreement under which the authority will provide the industrial water for use at the Eastman Business Park. Under the agreement, Kodak will purchase industrial water for the park for 25 years, company officials said.
The Water Authority, the third-largest water utility in New York, will use existing infrastructure for water production and delivery.
“A key advantage in our effort to redevelop Eastman Business Park is our comprehensive existing infrastructure that includes attractive and highly competitive utilities,” said David Stoklosa, park director. “This agreement provides assurance to our growing list of EBP tenants of a reliable, long-term supply of high-quality industrial water, a big piece of the utility picture.”
Water Authority chairman Anthony Quattrone said it can run its Shoremont Plant and Kodak’s industrial water plant for less cost than the two organizations can run them separately.
Kodak will continue to operate the internal distribution system within the park and its high-purity water treatment facility at the EBP.
Two Kodak employees who staff the Lake Station facility in Greece will transfer to the Water Authority, Veronda said. There will be no layoffs of Kodak employees as a result of the transaction.
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