Kodak is selling its Personalized and Document Imaging businesses, which includes its market-leading photo kiosk business. The company says the sale of its assets is an effort to return the former film giant to profitability and emerge from Chapter 11 bankruptcy.
"These are not easy decisions," says Kodak CEO Antonio Perez. "We need funding to satisfy the needs of our creditors. That is a business that is easily identifiable, easy to carve out, one that has significant value and a good choice."
The sale of assets also includes the company’s document scanner business and services. During a telephone conference call Thursday, Perez told reporters the company plans to focus on its commercial, packing and functional printing solutions.
"We believe completely and fully that will give us an advantage," Perez says. "We consider ourselves leaders in each one of the three, and at the intersection of those three we believe we are one of the strongest companies in the world."
Perez says the kiosk business is a world-wide, so local Kodak employees won't lose their jobs. He says they'll just work for a different owner.
Kodak filed for reorganization bankruptcy in January.