News

Kodak quits retail imaging

August 27, 2012

In a step toward emergence from Chapter 11 reorganization, Eastman Kodak Company announced plans to sell its consumer and document imaging businesses.

The asset sale is intended to support Kodak’s cost-reduction initiatives and decrease its legacy liabilities, allowing the company to focus on commercial, packaging and functional printing and less on the consumer and retail, the announcement said.

Kodak went bankrupt in January, and following an unsuccessful patent auction — which failed to bring in the $2 billion the company sought — a dramatic shift in focus was inevitable.

"We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing — in which we have the broadest portfolio solutions — and enterprise services," said Antonio M. Perez, chairman and CEO. "These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak."

Kodak said it would move forward as quickly as possible and has targeted completing these transactions in the first half of 2013.

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