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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.
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