Kodak Responds to Agreement with Federal Agencies on Environmental Trust for Eastman Business Park

ROCHESTER, N.Y., March 13 – With a court filing yesterday, the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Justice (DOJ) have presented an agreement to satisfy the key condition remaining in implementing the previously announced settlement among Kodak, the New York State Department of Environment Conservation (DEC), and Empire State Development. That agreement establishes an Environmental Trust for Eastman Business Park (EBP).

Under the EPA agreement, which is subject to public comment and court approval, the EPA will issue a covenant not to sue regarding past activities at Eastman Business Park. The trust, to be overseen by the DEC, would ensure continued environmental oversight, while addressing environmental obligations into the future – including an extension of the current protections for the site that Kodak has in place with the DEC.

Kodak has agreed to provide $49 million in funding for the trust. In addition, New York State has agreed to provide $50 million for further environmental protection should it be necessary. Kodak and the State will provide additional funds to address any future environmental cleanup if overall costs exceed $99 million. The agreement also encompasses Kodak’s continuing significant presence at EBP, and serves as a lynchpin of further strategic regional and state economic development initiatives around this unique asset.

Brad W. Kruchten, President, Graphics, Entertainment and Commercial Films, Kodak, issued this statement in response to the Court filing:

The environmental trust for Eastman Business Park serves the community’s interest in protecting the environment and strengthening economic development initiatives around the continuing redevelopment of the site. Certainly there are a number of people who made important contributions toward completion of a final agreement. We are deeply appreciative of the tireless efforts of federal and state government agency and economic development officials to address issues of concern in a mutually satisfactory manner.

It is particularly appropriate to cite the individual and collective efforts of our elected officials. I specifically want to call out for special praise a few of them who were particularly instrumental in the efforts: Governor Andrew Cuomo, Lieutenant Governor Robert Duffy, Senator Charles Schumer, Congresswoman Louise Slaughter, and Assemblyman Joseph Morelle.

Each of them became personally involved in working to bring the right parties to the table and in facilitating discussions to reach a consensus. Without their efforts, this landmark deal might well have not been completed. But they simply were not willing to let that happen. Our community is very fortunate to have such smart, dedicated, and hard-working people representing us in the different levels of government.

About Kodak

Kodak is a technology company focused on imaging for business. Kodak serves customers with disruptive technologies and breakthrough solutions for the product goods packaging, graphic communications and functional printing industries. The company also offers leading products and services in Entertainment Imaging and Commercial Films. For additional information on Kodak, visit us at kodak.com, follow us on Twitter @Kodak, or like us on Facebook at KodakNow.

Media Contact:

Christopher Veronda +1 585-724-2622, christopher.veronda@kodak.com