Eastmam Kodak is planning to sell its camera-film business and focus to commercial printing as the company plans to scramble out of bankruptcy.
The once-dominant photography firm is anticipating completion of the sales by mid-2013, which is expected to help the company raise nearly $700m to pay back its creditors and exit bankruptcy.
Eastmam Kodak chairman and chief executive officer Antonio Perez said the initiation of a process to sell the Personalized Imaging and Document Imaging businesses is an important step in the company’s reorganisation to focus its business on the commercial markets and enable Kodak to accelerate its momentum toward emergence.
"In addition, we continue our initiatives to reduce our cost structure and streamline our operating models in an effort to return the company to profitability," Perez said.
The businesses which are to be sold include most of the company’s consumer products and retail printing kiosks, and its document imaging business, which produces scanners for enterprise clients.
In addition to the commercial, packaging and functional printing and enterprise services businesses, Kodak will continue to own and operate the Consumer Inkjet, Entertainment Imaging, Commercial Film and Specialty Chemicals businesses.
During early 2012, the firm revealed that it would halt the production of digital cameras, pocket video cameras and digital picture frames to support its move to reshape the business.
