Kodak cuts another 1000 jobs as part of $330mln saving strategy

PanARMENIAN.Net - Kodak, the former photography giant that is struggling to keep its head above water after filing for bankruptcy protection in January, has cut another 1,000 jobs as part of a $330 million cost saving strategy, The Next Web reports.

The company has also announced new executive appointments, who will be tasked with improving its commercial, packaging & functional printing solutions and enterprise services businesses, while it looks to sell off its personalized imaging and document imaging divisions.

The appointment of new executive teams is “an action that will help accelerate the creation of a sustainable cost structure” for the company, says Kodak Chairman and CEO Antonio M. Perez.

Kodak also notes that it is “making progress” in its complex operational restructuring, having already laid off more than 2,700 staff worldwide since the start of the year.

In February, the company announced it would stop making digital photo and video cameras, focusing on its printing business as it looks to “drive sustainable profitability through its most valuable business lines.”

Kodak ceased production and stopped selling all digital cameras, pocket video cameras and digital picture frames in the first half of 2012 and sought to expand its licensing business, which includes a number of photography patents. Apple, Google and other technology firms are currently thought to be bidding for the IP portfolio.

As part of today’s shift, Kodak will report three business segments: digital printing and enterprise; graphics, entertainment and commercial films; and personalized imaging and document imaging - which includes the businesses for sale.