The Eastman Kodak company has announced it will divest itself from the production of consumer inkjet printers as part of its restructuring in the effort to emerge from bankruptcy protection in the first half of 2013. The announcement came as the company also filed a motion to the Bankruptcy Court to extend until February 28, 2013, its exclusive right to file a plan of reorganization.
"Kodak is making good progress toward emergence from Chapter 11, taking significant actions to reorganize our core ongoing businesses, reduce costs, sell assets, and streamline our organizational structure," said Antonio M. Perez, Kodak Chairman and Chief Executive Officer. "Steps such as the sale of Personalized Imaging and Document Imaging, and the Consumer Inkjet decision, will substantially advance the transformation of our business to focus on commercial, packaging & functional printing solutions and enterprise services. As we complete the other key objectives of our restructuring in the weeks ahead, we will be well positioned to emerge successfully in 2013."
The company will continue to produce and sell ink for its install base, but will wind down the sales of its consumer inkjet printers. Kodak previously announced efforts to exit or sell unprofitable and declining businesses, such as the digital camera and online photo services businesses, as well as its Personalized Imaging and Document Imaging businesses. Kodak has also cut 2,700 jobs so far in 2012, with 1,200 still to come, representing a 23 percent reduction in its workforce and a savings of more than $340 million per year.