Kodak to cut 10,000 more jobs

Manufacturing News, Source : TheManufacturer.com
Published : 20 Jul 2005 20:18

Eastman Kodak announced today that it plans to cut up to 10,000 more jobs than previously announced, as the company struggles through its transition from traditional film to digital photography.

Kodak had previously announced that it would make 12,000 to 15,000 job cuts by 2007. It now plans to cut 22,500 to 25,000 jobs, and to reduce its traditional manufacturing infrastructure to about $1 billion by 2007, down from $2.9 billion in January 2004.

The company lost $146 million during its second quarter, down from a profit of $136 million during the same period last year. Sales, however, were up six percent to $3.69 billion from $3.46 billion one year ago.

“From this point forward, we will measure success based on three priorities—digital revenue growth, digital earnings growth and the generation of cash to fund our business,” said newly-minted Kodak CEO Antonio Perez, who became CEO last month.

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