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A Kodak moment set to fade away
Bankrupt camera pioneer Eastman Kodak in New York said it would sell its core film business units, including its film products and its processing kiosks.
“We are reshaping Kodak,” Chairman and Chief Executive Antonio Perez said in a statement.
The company filed for bankruptcy protection in January, as it has failed to establish its presence in the digital image market, like it did in the previous era of photography.
Kodak said it expects the sale of its film units to be complete mid-2013. It didn’t reveal a potential price for its film divisions.
Kodak is attempting to reinvent itself, mostly as a company that makes printers.
“We continue to rebalance our company toward commercial, packaging and functional printing,” Perez said.
Selling its film businesses is one of a series of steps meant to reshape the company.
It is certain to dethrone the company’s status as the worldwide image king.
“The company’s ubiquity was such that its tagline ‘Kodak moment’ entered common lexicon as a personal event that demanded to be recorded for posterity,” part of a Wikipedia entry says.
The next steps include “continued cost-reduction initiatives, curtailment of its legacy liabilities, and the monetization of the company’s digital imaging patent portfolio, will be significant milestones toward completing the company’s reorganization and emergence from Chapter 11,” Kodak said in a news release.
Copyright 2012 by United Press International