Sep. 10, 2012 at 10:03 AM ET
Kodak said Monday it plans to cut another 1,000 jobs by the end of 2012 and is looking at further job cuts as it works to restructure its business in bankruptcy.
The 131-year-old photography pioneer filed for bankruptcy in January after struggling for years to adapt to a shift to digital photography. The company has cut its workforce by about 2,700 employees worldwide since then.
The company said it expects to see annual cost savings of about $330 million as a result of the headcount reductions, including compensation and benefits. The company also said it is examining how it can further reduce its workforce to save money.
“Kodak is becoming a more focused and competitively scaled company,” Antonio M. Perez, Kodak’s Chairman and CEO said in a statement.
“We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses,” he added.
Since January, Kodak has sought to sell its portfolio of 1,100 digital imaging patents to raise cash. The company now plans to focus on commercial, packaging and functional printing solutions and its enterprise services business, Perez said.
Commercial printing technology makes up around 75 percent of Kodak’s business now, and it’s an area from which the company could potentially capture a lot of revenue.