Kodak set to cut 4,500 jobs after fourth-quarter loss

The figure represents a dip from a profit of more than $US200m ($A308m) for the same three months last year. Fourth-quarter sales came in at $US2.4bn ($A3.7bn), which was down 24% from 2007.

The restructuring charges, part of an ongoing programme, will cost Kodak around $US300m ($A461m), but are expected to help it produce between $US300-350m ($A461-539m) in annual savings.

Antonio M. Perez (pictured), chairman and chief executive of Kodak, said that, by restructuring, the company was taking “the necessary steps to address this environment and to position Kodak to recapture the momentum when the recovery occurs”.

Perez added that during the last three months of the year, Kodak experienced dramatic declines in several key businesses, citing the slowdown in consumer spending and a significantly reduced demand for capital equipment.

In addition, Kodak confirmed that its executives will receive no salary increases throughout 2009.

Read the original article at www.printweek.com.

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