Kodak to Sell Off Film and Photo Paper Business (Update)

Eastman Kodak plans to sell off  its film and photographic paper businesses in an effort to emerge from bankruptcy, the Wall Street Journal reports. In an announcement on Thursday, Kodak chief executive officer Antonio Perez said the company is seeking buyers for its film and photo paper business and its digital image processing kiosks and scanners. The company plans to focus on inkjet printing, Perez said Thursday.  Among the businesses Kodak will keep, according to a statement on Kodak’s web site, are “Consumer inkjet, Entertaining Imaging, Commercial Film and Specialty Chemical businesses.” Kodak’s “commercial film” business refers to aerial photography, surveillance and other industrial and government uses.

Perez said the company wants to complete the sale by the first half of 2013, when the company hopes to emerge from bankruptcy. Kodak, once the leading manufacturer of film, sought bankruptcy protection in January 2012.

Perez declined to say how much Kodak hoped to net from the sales of its film, paper and other businesses. Also unclear: Who will buy these businesses.

When Kodak filed for bankruptcy, the company said it planned to raise money by selling off roughly 1,000 digital imaging patents. However Businessweek reports that those negotiations have dragged on.  The sale of its core business is a new effort to pay off debts and pull Kodak out of bankruptcy.

Professional photographer may find it bittersweet that Kodak’s U.S. professional film revenues rose 20 percent in 2011. However, as demand for consumer and motion picture film continued to decline worldwide, the company faced challenges taking advantage of economies of scale. Earlier this year, Scott DiSabato, who was Kodak’s U.S. marketing manager for professional film, told PDN that Kodak’s factories and distribution facilities “were built decades ago for a much bigger traditional photographic market.” DiSabato added at the time that though positive signs in the U.S. pro film market were promising,  “It’s going to be hard to ever justify the investment necessary to right-size this when [the overall film market] is declining.” DiSabato has since left Kodak.

For more, see our full news article on PDNOnline.

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10 Responses to “Kodak to Sell Off Film and Photo Paper Business (Update)”

  1. Gordon Moat Says:

    If that transpires, Kodak would essentially become Creo, the company they bought out to get into commercial printing. Antonio Perez, formerly of HP, has been the worst thing that ever happened to Kodak.

  2. Kodak news in 2011 | tycunepercussion.com Says:

    [...] Kodak to Sell Off Film and Photo Paper Business – PDN Pulse [...]

  3. Kenny Oviatt Says:

    depressing to me..:/
    “momma don’t take my Kodachrome,momma don’t take my Kodachrome,momma don’t take my Kodachrome away” .. Paul Simon “Kodachrome”

  4. Kodak to Sell Off Film and Photo Paper Business | The Click Says:

    [...] Link: PDN Pulse » Blog Archive » Kodak to Sell Off Film and Photo Paper Business (Update) In the professional film market, Kodak’s U.S. professional film revenues rose 20 percent in 2011. However, as demand for consumer and motion picture film continued to decline worldwide, the company faced challenges taking advantage of economies of scale August 24, 2012 Categories: Photography Leave a comment 0 [...]

  5. Michael Kennedy Says:

    Kodak will go down in history as a model of what not to do. They stopped being customers driven many many years ago. They were use to telling customers what they wanted and it stopped working. They helped make the digital camera viable and never thought it would change their business. The list goes on and on. I hate to see Kodak disappear, but they did it to themselves!

  6. Cool Stuff – Week of August 24, 2012 | The Blog @ BorrowLenses.com Says:

    [...] Not to start off on a bad note or anything, but Kodak, seriously, come on! The venerable company has provided almost all bad news, and even the small bit of good news it has comes couched in bad. Now it’s selling off its film and paper division, despite the fact that professional film sale…. [...]

  7. Antonino Zambito Says:

    Kodak needs a new George Eastman like Apple needed Steve Jobs.

  8. Michael Says:

    RIP Kodak.

  9. mario juarez Says:

    It is difficult to me understand what happened with the “Mother of the Photographic”, sincerely it needs a group of persons to make an analyzes to remove the old concept or remakes in a new way of business. Kodak never has to disappear.

  10. Kenneth Rimm Says:

    As sad as this may be I’m sure there is a market and & buyer for at least the professional film business.The question is how much $ it’s worth. Kodak who has been a big global player for so many years, must have a bit of pride to swallow at this point.