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.
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