Source Pravda.Ru

Kodak says it will slash up to 3,000 more jobs as it wraps up 4-year overhaul this year

Eastman Kodak Co. said Thursday it is cutting as many as 3,000 more jobs as the company that turned picture-taking into a hobby for the masses navigates a tough transition from film to digital photography.

On top of 25,000 to 27,000 layoffs targeted over the last three years of a planned four-year makeover, Kodak is reducing its payroll even further partly to accommodate last month's $2.35 billion (EUR1.81 billion) sale of its health-imaging unit.

"As one big unit leaves, obviously there's not as much revenue or earnings, or as much support, and that has to be adjusted for," Kodak spokesman Gerard Meuchner said at an annual meeting of Kodak analysts and institutional investors, reports AP.

The cuts will bring extra charges of $400 million (EUR308 million) to $600 million (EUR462 million), or total charges of $3.6 billion (EUR2.77 billion) to $3.8 billion (EUR2.93 billion) since 2004.

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