KODAK TO CUT UP TO 4,500
Eastman Kodak Co. said it will eliminate as many as 4,500 jobs and restructure after reporting a fourth-quarter loss and sales that missed analysts' estimates. The shares fell to their lowest in at least 35 years.
The company will take 2009 charges of $250 million to $300 million and expects savings of as much as $350 million a year, it said in a statement.
The job cuts, which amount to as much as 18 percent of the total workforce, will include executive positions, Rochester, NY-based Kodak said.
Sales last year dropped 8.6 percent, marking the third-straight annual revenue drop. Kodak concluded a four-year, $3.4 billion overhaul in December 2007 that eliminated 28,000 jobs, about half its workforce. Kodak fell $2.08, or 29 percent, to $4.99 in New York Stock Exchange trading.
The company will take 2009 charges of $250 million to $300 million and expects savings of as much as $350 million a year, it said in a statement.
The job cuts, which amount to as much as 18 percent of the total workforce, will include executive positions, Rochester, NY-based Kodak said.
Sales last year dropped 8.6 percent, marking the third-straight annual revenue drop. Kodak concluded a four-year, $3.4 billion overhaul in December 2007 that eliminated 28,000 jobs, about half its workforce. Kodak fell $2.08, or 29 percent, to $4.99 in New York Stock Exchange trading.
Labels: Eastman Kodak, layoffs
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