Eastman Kodak said that as a result of the significant progress made to date in its restructuring, it is now ready to begin discussions on a plan of reorganization with certain key creditor groups. “We are gratified that there appears to be interest among several potential lenders to finance this business and its emergence, and with this disclosure, we are now better positioned to explore these funding opportunities,” Kodak Chairman and CEO Antonio M. Perez said.
Kodak will introduce several new products to the U.S. market at GRAPH EXPO 2012, such as Kodak Stream Inkjet Technology, Kodak Prosper S-Series imprinting systems, and new print capabilities of the Kodak NexPress SX digital production press. Booth visitors will also see a variety of applications, experience live printing and workflow demonstrations, and learn about solutions that can help them grow their business.
Mike Graff, president and CEO of Clifton, NJ-based Sandy Alexander, has seen his share of crisis situations during his 33 years in the printing industry, not to mention 27 years as a volunteer fireman. Despite some harrowing moments, Graff has managed to keep his cool and survive both disciplines.
Kodak’s progress includes the successful stabilization of its business, the development of its emergence plan, significant operating improvements, and substantial cost reductions. Starting in 2013, it will focus the consumer inkjet business on the sale of ink to its installed base and wind down sales of consumer inkjet printers.
BALTIMORE—Vertis Holdings and SGS International announced an agreement under which SGS will augment its design-to-print packaging solutions with the purchase of additional prepress packaging equipment, data files and certain related assets from Vertis.
ROCHESTER, NY—Eastman Kodak President Philip Faraci has stepped down amid a number of personnel changes taking place within the bankrupt firm. Antonio Perez, chairman and CEO of Kodak, said the changes and expanded cost structure reductions reflect Kodak’s strategic focus on the Commercial, Packaging & Functional Printing Solutions and Enterprise Services business, and the sales processes of its Personalized Imaging and Document Imaging businesses.
Eastman Kodak may abandon efforts to auction off its portfolio of digital imaging patents, the company said Friday. The 131-year-old photography pioneer said it could instead set up a new licensing company to help repay creditors in its bankruptcy case.
Kodak’s roughly 1,100 patents, which the company estimates are worth as much as $2.6 billion, has been central to its plan to repay creditors as it restructures its business in bankruptcy and shifts its focus from photography to commercial packaging and printing services.
However, published reports say Kodak received bids for the patents that were far lower than what it had hoped.
Kodak has been recognized with three Must See ’Ems awards, for its Kodak Nexpress Gold Dry Ink, Kodak Insite Prepress Portal System and the Kodak Flexcel Direct System.
Eastman Kodak, On Demand Books, and ReaderLink announced they have partnered to revolutionize the way all types of printed books will be marketed, sold and produced at point of sale. The venture brings On Demand Books’ Espresso Book Machine to national retailers integrated with Kodak Picture Kiosks, giving consumers a full-service, digital-to-print media center for all their custom print needs—from photo books, custom/local self-published titles, to educational supplements, and more.
Kodak expects to reduce its workforce by approximately an additional 1,000 employees by the end of 2012. Philip J. Faraci, President, is leaving the company. “Kodak is becoming a more focused and competitively scaled company,” said Antonio M. Perez, chairman and CEO.
