In a press release, the company said it would realize up to $100 million in savings annually, although the move will result in "significant" job losses, according to Reuters. Kodak expects to take a charge of $30 million to cover the layoffs resulted from job terminations.
Kodak has been moving away from the film industry, which made the company a household name, for many years. In 2004 the company stopped selling film cameras, foreshadowing recent changes. Kodak still sells disposable cameras and will continue to honor warranties on any of its camera products.
- Companies:
- Eastman Kodak Co.
Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.