August 23rd, 2012

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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PDNOnline: Kodak to Sell Film and Photo Paper Business

Kodak Files for Bankruptcy

The Future of Film 

 

May 1st, 2012

FujiFilm to Increase Film Prices 20 Percent in US Market

After announcing last week that they would increase prices worldwide for their film and single-use camera products, FujiFilm’s North America division has clarified what those increases will mean for the markets in the United States and Canada.

In an announcement today, the company said that prices on all film would rise “approximately 20 percent.” The increase will take effect in August 2012. The company had originally announced that the increases would be effective beginning in May of this year.

“The price increases are a result of the continuing decline in demand for film products, the high costs of production, and the increased expenses associated with raw materials, including silver and petro-chemicals, and energy,” the company explained in its announcement. “Fujifilm is unable to absorb these costs entirely and must implement price increases at this time.”

Prices for FujiFilm’s one-time-use cameras, often called disposable cameras, will increase 15 percent, the company said.

Related: FujiFilm Announces Price Increase

April 25th, 2012

FujiFilm Announces Film Price Increase

Earlier this week FujiFilm announced that a price increase will take effect starting in May for its color negative films, color reversal films, black and white films and QuickSnap single use cameras.

Though the announcement (full text below) was short on specific details, it did say that the increases would be “substantial” and would be in the “double digits” for some films depending on where they are sold.

FujiFilm noted that, “The demand for film products is continuously decreasing, yen’s appreciation and the cost of production, such as raw materials, oil and energy, continues to rise or stay at high level.”

A representative for FujiFilm told PDN the company would issue specific information about increases in the US market in the next few days, so stay tuned.

For more on the future of the film photography business, be sure to check out our report coming in the June issue of PDN.

Press Release, April 23, 2012

FUJIFILM Corporation announces price increase of Photographic Films

FUJIFILM Corporation has announced that it will implement a worldwide price increase for its photographic films. The price increases are substantial and it would be double digit, but will vary depending on products, markets and regions.

1. Products: Photographic Films: Color Negative Films, Color Reversal Films, Black and White Films, and Quick Snap.

2. Date of Price Increases: Effective from May 2012

The demand for film products is continuously decreasing, yen’s appreciation and the cost of production, such as raw materials, oil and energy, continues to rise or stay at high level. Under such circumstances, despite our effort to maintain the production cost, Fujifilm is unable to absorb these costs during the production process and is forced to pass on price increases.
To sustain its photo imaging business, Fujifilm has decided to increase the price of photographic films.

Fujifilm remains committed to photographic products and asserts that even with the new price. Its photographic products remain exceptionally good value compared with other system products.
The new pricing structure will be applied to each market based on its individual conditions.

Related: Kodak Files For Bankruptcy Protection

January 19th, 2012

Kodak Files for Bankruptcy Protection

After months of speculation, film company Eastman Kodak Co. filed for Chapter 11 bankruptcy protection today. In its filing in US Bankruptcy Court in the Southern District of New York, the company reported that it has $6.8 billion in debt and $5.1 billion in assets. Kodak has struggled for years as photography moved from film to digital photography.
The company also announced it had secured a $950 million loan from Citigroup to help operate during bankruptcy, Bloomberg News reports.
If its filing is approved by a bankruptcy judge, the company would continue operating while it re-negotiates its debt with its creditors.
For more, see our news story on PDNOnline.com.
This is breaking news and will be updated on PDNOnline.com.