Kodak Cutting 3,000 More Jobs
ROCHESTER, NY—With a plan to focus more intently on commercial printing and consumer photography, Eastman Kodak announced it would let 3,000 more employees go as part of the three-year restructuring program that will conclude by the end of 2007 with roughly 30,000 layoffs.
Kodak sought to reduce payroll further to accommodate the January sale of its health imaging unit for $2.35 billion. The company also took a leap into the home ink-jet printer market earlier this week.
The company expects its target business model to yield gross profit margins of 28 percent to 29 percent, with earnings from operations equal to 8 percent to 9 percent of revenue in 2009.