Kodak in crisis

Kodak, a renowned multinational company famous for Photographic equipment, is on the brink of bankruptcy after losing its survival battle after failing to meet the requirements of the digital age.

The New York Stock Exchange has warned Kodak regarding their dropping share values and given them a time period of reportedly six months to alter the situation. Kodak received the warning after its shares closed down for 30 consecutive
days below $ 1.

The publication by a famous Journal had reported that the company was set to reap benefits from U.S. law suspension of payments, but it has not helped them to animate the price of its stock. Its current market capitalization is
176 million.

In the meanwhile, Kodak are hoping to return to their patent portfolio valued at three billion dollars.

Antonio M. Perez, Eastman Kodak’s CEO, has emphasized on the value of the assets of the company more than one occasion.

Kodak has no earmarked to restructure the struggling business. They have created a new Chief Operative Office, with their two new presidents: Philip Faraci and Laura Quatela respectively.

Both the president will report to the CEO.

"This new structure simplifies the organization, focuses it more precisely on our consumer and commercial customers, and puts the right people in place to capitalize fully on the tremendous technological capabilities of Kodak.

“We are confident that these changes will support our efforts to make the most of our opportunities. It is logical to have Kodak, which manufactured the first digital camera". Perez said

Kodak is a historical name in the world of the image. In 1884 patented what would be the roll of film and four years later set up a machine to use it. George Eastman named the company searching for a word without meaning to begin
with the letter K, one of their favourites.

The Brownie camera, sold at the price of one dollar in 1900 popularized capturing an image. Besides its big business in the world of film, Kodak entered into other sectors such as industry microfilm or medical applications.

The firm now has 19,000 employees but it had more than 70,000 employees. The reason behind their decline could be their failure to meet the digital photography pioneer patents and competitors such as Canon and Fujitsu.

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Posted by Farasat Ali on Jan 11 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry