Kodak Announces 12-Month Pay Freeze

Eastman Kodak Co. has instituted a pay freeze for its U.S. employees for the next 12 months. “We are working hard to accelerate our transformation into a self-sustaining and profitable digital enterprise through a number of restructuring initiatives aimed at creating a competitive cost structure,” the company said in a statement Tuesday.

The pay freeze comes in the context of those restructuring efforts “and based on our regular review of our overall compensation position relative to the market.”

Kodak declined to say how much savings it expected to see from the freeze.

The company employs 5,100 people in the Rochester area.