Eastman Kodak raises target for job cuts to 25,000
couple of quotes:
Eastman Kodak Co. said Wednesday it will chop up to 25,000 jobs from its workforce, instead of the 15,000 layoffs it had originally announced.
The Rochester, N.Y., company also said it lost $146 million US (51 cents a share) in the second quarter, compared with a profit of $136 million US (46 cents a share) a year earlier....
"Sales of our consumer traditional products and services are declining faster than expected. While we are not in a position to control the rate at which traditional markets decline, there is a lot I can do about the cost structure of the traditional portfolio," he said.
Perez wants to speed up the company's transition to digital technology as its sales of consumer film decline....
Kodak plans to cut its traditional manufacturing infrastructure to approximately $1 billion US, compared with $2.9 billion US in January 2004. The cuts will be mostly complete by the middle of 2007....