• A new DIY economy

    Reinventing society will be an opportunity to create a better future, says Ian Mann.

  • Healthcare headache

    State healthcare strategies must be more than political posturing, says Mzwandile Jacks.

  • Buzzwords and truths

    Mandi Smallhorne discusses her beef with the terms 'savings' and 'entrepreneurship'.

Loading...
See More

Bankrupt Kodak to sell film business

Aug 24 2012 08:01
AFP

Rochester - The bankrupt Eastman Kodak Company said Thursday it plans to sell its consumer film business, the cornerstone on which the company was founded.

"We are reshaping Kodak," company chief executive Antonio M Perez, said in a news release that also outlined Kodak's next steps to get out of bankruptcy. The company that pioneered photography now aims to focus primarily on commercial, packaging and functional printing solutions and enterprise services.

Kodak hopes to find a buyer not only for the consumer film unit, but also for its photo kiosks and commercial scanner businesses by the middle of next year, the release said. The company believes selling the assets along with other cost-reducing measures will be significant milestones toward emerging from bankruptcy in 2013.

Film and photo paper were once a goldmine for Kodak and rivals such as Agfa. The switch to digital photography, however, devastated these income sources. In the first half of the year, Kodak's revenue shrank more than one-quarter to $2bn and the company's loss rose to $665m.

The commercial, packaging and functional printing and enterprise services have substantial long-term growth prospects worldwide and are core to the future of Kodak, the company said.

"We have to make some tough choices to build our future and this is one of those choices," Perez said in a conference call, according to Bloomberg. "Kodak's goal is not simply to emerge but obviously to emerge as a profitable, sustainable company and today's actions are moving us decisively along that path."


* Follow Fin24 on FacebookTwitter and Google+.

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About...

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Introducing tablets in schools is:

Previous results · Suggest a vote

Loading...