Eastman Kodak has outlined its next steps toward a successful emergence from Chapter 11 reorganisation as a company primarily focused on commercial, packaging and functional printing solutions and enterprise services. Accordingly, it has initiated sale processes for its Personalised Imaging and Document Imaging businesses.
“This is an important step in our company’s reorganisation to focus our business on the commercial markets and enable Kodak to accelerate its momentum toward emergence,” says Antonio M Perez, chairman and CEO. “In addition, we continue our initiatives to reduce our cost structure and streamline our operating models in an effort to return the company to profitability.”
“We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing. These businesses have substantial long term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalise on those opportunities and extend our leadership in key growth markets.”
Kodak said it would move forward as quickly as possible and has targeted completing these transactions in the first half of 2013.
The company is continuing discussions with parties with respect to the potential sale of its digital imaging patent portfolio. The company reiterates that it has made no decision to sell the portfolio and may, in consultation with creditors, retain it as an alternative source of recovery for creditors.
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