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Foreign investment proposal: Kodak (Australasia) Pty Ltd - acquisition of photographic business, North Queensland



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TREASURER

PRESS RELEASE NO. 233

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EMBARGO

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STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP.

FOREIGN INVESTMENT PROPOSAL ' ·

. KODAK (AUSTRALASIA) PTY LTD -r ACQUISITION OF PHOTOGRAPHIC BUSINESS, NORTH QUEENSLAND

An interim order ..was issued on 29 September 1981 under the Foreign Takeovers

Act prohibiting for up to 90 days the acquisition by a subsidiary of the

wholly US^owned Kodak (Australasia) Pty Ltd of the photographic business in

North Queensland conducted by Garrick Smith Investments Pty Ltd and

Associates. The business comprises a colour processing laboratory and a

number of speciality photographic stores.

The Government has given careful consideration to the proppsal and has decided

that in view particularly of the relatively small business involved, it should

• be allowed to proceed, but Kodak has been informed that approval for this

•proposal is entirely without prejudice to any further proposals of this kind

that it might put forward.

The Government has noted assurances given by Kodak that it will operate the

business in an independent and commercial manner,· that is the management of

the business will be free to trade on a commercial basis with suppliers of

non-Kodak products, and that it will reintroduce at least 49 per cent

Australian equity participation in the business within five years.

CANBERRA ACT 24 December 1981