The company is now ready for profitable growth, kodak CEO antonio perez said on tuesday evening. "We have the right technology at the right time, while the print market is increasingly moving to digital solutions."
Kodak had once shaped the history of classical photography. But the manufacturer of the first consumer camera has been overtaken in recent years by the shift to digital images. The once very rich company from rochester near new york had to file for insolvency in january 2012 after years of struggling to survive. Since then, about one in two jobs has been eliminated: kodak went into bankruptcy with about 17,000 employees and is said to have about 8,500 now. Even before the insolvency, kodak had already cut tens of thousands of jobs.
Kodak freed itself from billions in debt in the proceedings, at the same time perez got rid of loss-making divisions. So the traditional small-format film business went to the british pension fund, one of kodak’s big believers. The new company is expected to generate sales of $2.5 billion this year, up from more than $6 billion in 2011.
A crucial building block for the rescue came in december when kodak, after much wrangling, got rid of its digital photo patents in december for well over half a billion dollars. The buyer was a group of technology companies such as apple, google, samsung and microsoft. The sale of the patents was a basic condition for the restart, otherwise banks had not granted a necessary loan.
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