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15 November 2017
Kodak losses and job cuts
ROCHESTER—
Kodak has lost $46 million this quarter and will lay off 425 employees. The company chalked up $46 million in losses (compared to a $12 million profit in the same quarter last year), to a slowdown in the printing market and rising cost of aluminum used in plates.In the Print Systems Division revenue fell by 7%, Inkjet Division by 29% and Flexographic Packaging posted flat revenue.
Kodak will cut 100 jobs from its Rochester, NY location and about 325 elsewhere. It's also reducing costs and investments elsewhere in an effort to turn a profit by next quarter. It has increases plate prices by 4% to 9%. On a positive note Sonora plate volume has increase 24% to 19% of their total plate sales. Jeff Clarke CEO said " we are in advanced negotiations with parties for joint partnership". He also said" we are actively pursuing divestiture and moneitisation opportunities, which will meaningfull changes to the Kodak portfolio".
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