Thousands more jobs axed at Kodak
July 21, 2005
Kodak is to slash up to 10,000 more jobs worldwide as a result of a faster than expected decline in sales of traditional products such as film.
Along with the 15,000 job cuts announced earlier this year, Kodak now plans to cut a total of between 22,500-25,000 positions as it steps up its move towards digital imaging.
Commenting on the news Kodak UK spokeswoman Jennie Wild said: ?We can?t at this stage speculate about how this will impact on the UK operation.?
The cutbacks are part of what the US-based company describes as ?aggressive reductions in administrative costs and traditional manufacturing infrastructure?.
?Sales of our consumer traditional products and services are declining faster than expected,? said Eastman Kodak?s president and CEO Antonio M Perez.
The move has been driven by ?accelerating decline in consumer film sales worldwide?, particularly in emerging markets, the company added.
In June Kodak?s digital revenue exceeded its revenue from traditional sales on a monthly basis for the first time.
The fresh cutbacks involve 7,000 manufacturing jobs and ? together with cuts elsewhere in the company ? will save Kodak $800m a year.
The restructuring is expected to be completed by the middle of 2007.