ROCHESTER, NY— Eastman Kodak Company has entered into a definitive agreement to sell its Flexographic Packaging Division to Montagu  private equity firm. Kodak expects to receive total value of up to $390 million.The  new stand alone company which will develop, manufacture and sell flexographic products, including the flagship KODAK FLEXCEL NX System, to the packaging print segment.  Chris Payne, who has served as President of the Flexographic Packaging Division for the last three years, will lead the new company as CEO..Kodak will continue to focus on the growth areas of SONORA environmental plates, enterprise inkjet, workflow software and brand licensing.