14 DAY TRIAL // We didn't think Kodak would do something like this before it sold at least some of those patents it had been talking about, but circumstances have forced it to announce the sale of three more business divisions.
In its quest to reorganize itself and somehow rise from the ashes of bankruptcy, Kodak has been letting go of its major practices.
Backing out of the camera market and setting up a patent portfolio sale are the most significant steps taken by the once great brand.
Recently though, we learned that Google, Samsung and Apple formed an alliance for participating in the auction.
By not bidding against each other, they hope to purchase the patents for much less than Kodak hopes to receive.
Whether due to this, or some other issues that we have yet to learn of, the company has now put its film, commercial scanner and photo kiosk businesses up for sale.
“We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing – in which we have the broadest portfolio solutions – and enterprise services,” said Antonio M. Perez, chairman and chief executive officer.
“These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalize on those opportunities and extend our leadership in key growth markets.”
Kodak hopes to emerge from bankruptcy next year (2013). Nevertheless, it won't be the same, not without its major outlets. Then again, if it does establish a healthy financial situation, it could eventually start to regain what it has lost.
“We remain steadfast in our commitment to our customers, and we will work to ensure that they continue to receive the exceptional levels of quality and service they have come to expect from Kodak. Customers remain the top priority of all our businesses – those we intend to sell and those that will remain part of Kodak,” Perez said.