Kodak has outlined its next steps towards, what it claims is, a successful emergence from Chapter 11 organisation as a company primarily focused on packaging products among other things
In a statement released today, the firm also said it will focus on commercial, functional printing products and enterprise services.
Earlier this year, Eastman Kodak filed for Chapter 11 bankruptcy protection as it attempted to transform the 130-year-old photography pioneer into a digital company.
The company has initiated sale processes for its market-leading Personalised Imaging and Document Imaging businesses.
Kodak said that it believes that the sale of these assets, as well as continued cost-reduction initiatives, curtailment of its legacy liabilities, and the monetisation of the company’s digital imaging patent portfolio, will be significant milestones toward completing the company’s reorganization and emergence from Chapter 11 during 2013.
‘Profitability’
“The initiation of a process to sell the Personalised Imaging and Document Imaging businesses 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,” said Antonio M. Perez, chairman and chief executive officer.
He added: “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 – in which we have the broadest portfolio solutions – and enterprise services. 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 that in addition to the commercial, packaging and functional printing and enterprise services businesses, it also continues to own and operate the Consumer Inkjet, Entertainment Imaging, Commercial Film and Specialty Chemicals businesses, “given the company’s expertise, capabilities and strong customer relationships in these markets, as well as their combined cash-generating capability”.
Tel:886-2-28941823 Fax:886-2-28941837 E-mail:viya@packsourcing.com
Copyright Notice © 2015 New Insight Publishing Ltd.. All rights reserved.
Powered by Packsourcing