Eastman Kodak said today 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 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.
The cuts will bring extra charges of $400 million to $600 million, or total charges of $3.6 billion to $3.8 billion since 2004.