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Kodak Says Goodbye To Cameras

2/13/2012 12:01:00 AM Eastern

ROCHESTER, N.Y. – Eastman Kodak said last week
it is phasing out its dedicated capture devices business
consisting of cameras, pocket video cameras
and digital picture frames in the first half of 2012.

“Kodak will instead expand its current brand licensing
program, and seek licensees in these categories,”
the company said in a statement. “Following
this decision, Kodak’s consumer business will
include online and retail-based photo printing, as
well as desktop inkjet printing.”

Kodak said it will continue to honor all related product
warranties, and provide technical support and service for its
cameras, pocket video cameras and digital picture frames.

“For some time, Kodak’s strategy has been to
improve margins in the capture device business
by narrowing our participation in terms of product
portfolio, geographies and retail outlets,” said
Pradeep Jotwani, Kodak consumer businesses
chief marketing officer.

Upon completion of the phase-out, Kodak said it expects
to achieve annual operating savings of more than
$100 million. The company will incur a charge related
to separation benefits of approximately $30 million resulting
from the exit of the business.