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Kodak to cut more jobs in bankruptcy plan
by Staff Writers
New York (AFP) Sept 10, 2012


US photography pioneer Eastman Kodak said Monday it would cut 1,000 more jobs by the end of this year as it restructures in an effort to emerge from bankruptcy protection.

Kodak, which filed for bankruptcy in January, said it had already eliminated some 2,700 positions worldwide this year but that further efforts are needed.

"Kodak is becoming a more focused and competitively scaled company," chairman and chief executive Antonio Perez said.

"We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses."

Perez said that under the new structure, "we are confident that we will move Kodak forward to conclude the Chapter 11 (bankruptcy) process and position the Kodak that emerges as a growing, sustainable, profitable company that continues to meet the needs of our customers."

Kodak said it expects to save some $330 million in operating costs from the job cuts.

Perez said Kodak will be organizing into three units, including the consumer film business which is up for sale.

Kodak intends to focus on its digital printing and enterprise unit and another segment including graphics, entertainment and commercial films.

As part of its reorganization, Kodak said some senior executives will be leaving including president Philip Faraci and chief financial officer Antoinette McCorvey.

The Rochester, New York-based company, started in 1892, led the way in popularizing the cameras, film, slide projectors and home videos that preserved the memories of generations of Americans and others around the world.

At its height in the 1980s, it had 145,000 workers. But it has struggled in the age of digital cameras, and years of poor performance had already forced it to lay off thousands and close 13 manufacturing plants and some 130 processing labs since 2003.

The company pioneered research into digital photography beginning in the mid-1970s. But it was Asian manufacturers that stole a march in that market in the 1990s as Kodak failed to see the need to break from its old business lines.

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HP increases job cuts to 29,000
San Francisco (AFP) Sept 10, 2012 - US computer giant Hewlett-Packard said Monday its job cuts under a major restructuring program will total some 29,000, or 2,000 more than previously estimated.

In a regulatory filing, the world's biggest maker of personal computers said the cuts will be made through its 2014 fiscal year, with "a portion of those employees exiting" accepting a buyout, or "enhanced early retirement."

The cuts are part of an effort by chairman and chief executive Meg Whitman, who took the reins at HP a year ago, to turn around the giant hurt by a shift away from traditional PCs.

Whitman said in August said the workforce reduction was proceeding faster than expected, with 4,000 departures in the first three months and the number expected to hit 11,500 by the end of October.

HP said the move was part of "a multi-year productivity initiative designed to simplify business processes, advance innovation and deliver better results for customers, employees and shareholders."

The restructuring is expected to generate annualized savings of $3.0-3.5 billion by the end of the 2014 fiscal year for HP, which is struggling amid a move to mobile devices and tablet computers.



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Zuckerberg eyes mobile after Facebook IPO flop
San Francisco (AFP) Sept 11, 2012
Facebook founder Mark Zuckerberg said Tuesday he was steering the social network giant to focus more on mobile, saying it would help ease concerns after a "disappointing" stock market debut. "The performance of the stock has obviously been disappointing," Zuckerberg said during an on-stage interview at a TechCrunch Disrupt conference in San Francisco. Facebook has made a priority of foll ... read more


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