Eastman Kodak to Quit Camera Business (EKDKQ)
Pioneer camera-maker Eastman Kodak Co. (OTC: EKDKQ) will “phase out” its camera business during the first half of 2012 as it continues its restructuring. The company will discontinue manufacturing its digital cameras, pocket video cameras and digital picture frames. The…
Pioneer camera-maker Eastman Kodak Co. (OTC: EKDKQ) will “phase out” its camera business during the first half of 2012 as it continues its restructuring. The company will discontinue manufacturing its digital cameras, pocket video cameras and digital picture frames. The company said in a press release that it would seek out licensees for these products.
The decision will cost the company about $30 million in separation benefits, and the company expects to realize operational savings of about $100 million annually. The company will retain its film and photo paper business, as well as its digital kiosks and dry-lab operations, its ink-jet printer business, its apps development for Facebook, its online gallery, and its camera accessories and batteries business.
While the decision comes as no particular surprise, it’s still a shame.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
