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Kodak to shutter camera business
Source: Agencies |
February 10, 2012, Friday
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Online Edition
Online Edition
EASTMAN Kodak Co, the inventor of the digital camera, plans to get out of that business in the first half of the year as the bankrupt company looks to cut costs.
The decision to stop selling digital cameras along with pocket video cameras and digital picture frames marks the end of an era for Kodak, which also invented the handheld camera.
Kodak, which filed for bankruptcy protection last month, said yesterday that getting out of cameras would result in "significant" job losses. Most of the 400 people in that business are based in Rochester, New York, and work in research and development and marketing.
The news comes as Kodak meets obstacles in another cost cutting move tied to its illustrious past. The company will be unable to end its 20-year sponsorship of the Hollywood Theater that hosts the Academy Awards before this year's Oscars.
Along with its reputation for making easy-to-use cameras for consumers, Kodak is also famous for its camera and photographic film contributions in movies.
Now, instead of designing its own cameras, Kodak will try to license its brand to other camera makers, several of which have already expressed "significant interest," said spokesman Christopher Veronda.
Kodak, which as recently as 2006 was one of the top three digital camera makers in the world, will stick with its desktop printer business, on which it has focused more recently.
The decision to stop selling digital cameras along with pocket video cameras and digital picture frames marks the end of an era for Kodak, which also invented the handheld camera.
Kodak, which filed for bankruptcy protection last month, said yesterday that getting out of cameras would result in "significant" job losses. Most of the 400 people in that business are based in Rochester, New York, and work in research and development and marketing.
The news comes as Kodak meets obstacles in another cost cutting move tied to its illustrious past. The company will be unable to end its 20-year sponsorship of the Hollywood Theater that hosts the Academy Awards before this year's Oscars.
Along with its reputation for making easy-to-use cameras for consumers, Kodak is also famous for its camera and photographic film contributions in movies.
Now, instead of designing its own cameras, Kodak will try to license its brand to other camera makers, several of which have already expressed "significant interest," said spokesman Christopher Veronda.
Kodak, which as recently as 2006 was one of the top three digital camera makers in the world, will stick with its desktop printer business, on which it has focused more recently.
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