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Kodak settles with U.K. pension plan

ROCHESTER, N.Y. (AP) -- Eastman Kodak says it will sell its personalized and document imaging businesses to its U.K. pension plan as part of an agreement that settles $2.8 billion of claims the retirement fund had against the photography pioneer.

Eastman Kodak Co. said Monday that it is selling the businesses to the U.K. Kodak Pension Plan for $650 million. Kodak is working to emerge from Chapter 11 bankruptcy protection. It says it plans to use some of the proceeds to emerge from bankruptcy and to grow its commercial imaging business.

Founded in 1880, Kodak filed for bankruptcy protection at the beginning of 2012. Since then Kodak has sold several businesses and has shut others.

It plans to focus on commercial and packaging printing.