Kodak Set to Announce Massive Job Cuts

Rochester, N.Y.-based Eastman Kodak Co., the embattled photography and imaging giant, will unveil a long-awaited restructuring that could cut 14,000 jobs, slash costs by $1 billion, consolidate several businesses and expand joint ventures, analysts said. “It’s going to have to be a rather large restructuring in order to have sufficient impact and give them the flexibility to compete with firms like Fuji [Photo Film Co.],” said Robert Curran, an analyst at Merrill Lynch. Kodak is also expected to slash film prices to recapture U.S. market share it lost to competitors such as Fuji Photo Film Co. Analysts are looking for Kodak to slash labor costs significantly. By some calculations, a minimum of 4,000 to 5,000 layoffs are expected, at a cost of $300 million. Others see bigger cuts. Officials at Kodak had no comment. Kodak shares fell 44 cents to close at $62.56 on the NYSE.