Kodak Denies Shopping Nexpress Technology
ROCHESTER, NY—On the heels of a Wall Street Journal article, later clarified, that claimed it was planning to shed its toner-based Nexpress technology, Eastman Kodak revealed it is going to expand its focus on the digital press offering, perhaps through a partnership, but will not divest it.
Antonio Perez, Kodak CEO, told Reuters “Given this environment we are not going to be able to invest in the whole portfolio. We are not thinking of divesting any of those businesses. We have to find a way to continue to be in all those businesses without all the risk.”
Kodak is preparing itself for a potential decline of 12 percent to 18 percent in sales for 2009 due to the impact of the recessionary economy, the Associated Press reported. It is forecasting a loss of $200 million to $400 million. The company will be relying on cash generated by high-margin products, such as digital cameras and retailer kiosks. Companywide, Kodak is cutting as many as 4,500 jobs this year.