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Kodak Announces More Job Cuts

2/09/2007 09:11:00 AM Eastern

Rochester, N.Y. — Kodak will shave an additional 3,000 employees worldwide in its continuing efforts to restructure its business, the company said.

The company cut 1,200 positions in the fourth quarter of 2006, bringing the number of jobs lost to 23,400 in the film giant’s pivot to the digital era.

The company is expecting the final job cuts to total 28,000 to 30,000 positions (which include the divestiture of the health business unit). Job cuts will cost the company between $3.6 billion to $3.8 billion.

The restructuring is expected to be complete this year. The company has pinned its hopes on its recently released line of inkjet photo printers, among other digital products, to bolster its fortunes in the digital era as it sheds the last vestiges of its traditional business.