Kodak to cut 15,000 jobs, grow digital-camera business
Adjust font size:
Manufacturing News, Source : The Manufacturer US
Published : 25 Feb 2004 16:42
Kodak was a pioneer of digital-imaging technology in the 1970s, developing several image sensors that could record digital images.
Camera and film manufacturer Eastman Kodak announced plans in January to cut some 15,000 jobs over the next three years, in a bid to cut costs as it devotes more of its business to the surging digital-camera field.
Kodak was a pioneer of digital-imaging technology in the 1970s, developing several image sensors that could record digital images. By the late 1980s, Kodak developed the first megapixel sensors, which made photo-quality prints possible. Thereafter, Kodak single-mindedly marketed the technology to high-end markets—scientists and journalists—and protected their consumer-aimed film business. As a result, Kodak has been feeling the pinch from today’s booming digital-camera market.
Kodak is preparing plans that it claims would achieve full-year continuing savings of $800 million to $1 billion by 2007, by reducing total facility square footage by about one-third, and reducing worldwide employment by about 20 percent, or 12,000 to 15,000 workers, during the next three years.
“These plans...are absolutely required for Kodak to succeed in traditional markets as well as the digital markets to which our businesses are rapidly shifting,” said Antonio Perez, president and chief operating officer of Eastman Kodak, in a statement.
Digital cameras outsold film cameras in the United States last year. Kodak recently bought five digital-technology-related companies in 2003, and recently announced that it would stop selling reloadable film cameras in North America and Western Europe this year. In the fourth quarter of 2003, Kodak’s digital-camera revenues grew 87 percent while its film business dropped 10 percent.
Comments on this story
click here to add a comment
You must be registered & logged in to add comments
already have an account and just want to login?
Related Content
Guest Editorial: Checklist - Seven Recommendations for Improved Profits
by Abbott A. Imberman, PhD, Professor of...
more…
FKI LOGISTEX OPENS NORTH AMERICAN TECHNOLOGY & EDUCATION CENTER (TEC)
(St. Louis, Missouri, USA: July 10, 2007) FKI...
more…
Guess selects the tradecard platformand SourceView suite to optimize global trade
NEW YORK, July 10, 2007 – TradeCard Inc., the...
more…
Kimberly-Clark Professional Crosses Final Touchless Frontier With Introduction of First Electronic Bath Tissue Dispenser
ROSWELL, Ga. (July 9, 2007) – Kimberly-Clark...
more…
Boeing Celebrates the Premiere of the 787 Dreamliner
EVERETT, Wash., July 08, 2007 -- Today, Boeing...
more…
no comments yet...