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Kodak wields the chopper
Source: Agencies |
September 11, 2012, Tuesday
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KODAK said yesterday it is reshuffling executives and cutting thousands of jobs as the pioneering photography company tries to emerge from bankruptcy protection.
Eastman Kodak Co said it cut about 2,700 employees worldwide since the beginning of the year and plans to cut about 1,000 more by the end of the year. Annual savings from the cuts should total US$330 million, the firm said in a regulatory filing.
Kodak's work force peaked in 1988 at nearly 150,000 employees. But the company couldn't keep up with the shift to digital photo technology and with competition from Japanese companies such as Canon.
"We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses," Chairman and CEO Antonio Perez said in a statement.
Kodak expects to exit bankruptcy some time in 2013. The company said earlier this year that it would stop making digital cameras, pocket video cameras and digital picture frames as it tries to reshape its business.
Kodak has a new unit that includes two businesses that are for sale, Personalized Imaging and Document Imaging. The company announced last month that it was looking to sell those businesses.
Eastman Kodak Co said it cut about 2,700 employees worldwide since the beginning of the year and plans to cut about 1,000 more by the end of the year. Annual savings from the cuts should total US$330 million, the firm said in a regulatory filing.
Kodak's work force peaked in 1988 at nearly 150,000 employees. But the company couldn't keep up with the shift to digital photo technology and with competition from Japanese companies such as Canon.
"We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses," Chairman and CEO Antonio Perez said in a statement.
Kodak expects to exit bankruptcy some time in 2013. The company said earlier this year that it would stop making digital cameras, pocket video cameras and digital picture frames as it tries to reshape its business.
Kodak has a new unit that includes two businesses that are for sale, Personalized Imaging and Document Imaging. The company announced last month that it was looking to sell those businesses.
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