Kodak to Slash Jobs by 20 Percent

[Cooley Hurd]

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=4184236

<snip>
NEW YORK (Reuters) - Eastman Kodak Co. said Thursday it will slash its work force by 20 percent and take up to $1.7 billion in charges over the next three years as the company accelerates a painful shift away from the waning film photography market.

Kodak, which unveiled a new strategy in September to shift investments into digital markets, said it will cut 12,000 to 15,000 jobs worldwide, a move it expects to save the company $800 million to $1 billion by 2007.

The Rochester, New York-based imaging giant announced the cuts as it reported an 83 percent fall in fourth quarter net income as film camera demand continued to decline.

Kodak posted net income of $19 million, or 7 cents a share, down sharply from $113 million, or 39 cents a share, a year earlier.
</snip>

My condolences to Rochester, NY DUers. Eastman-Kodak's a biggie there and this is going to hurt Rochester greatly... :(

[Drifter]

1. Ugh ...

I just heard the news this morning. I am a Kodak employee. I do not work in the film business (we make high speed document scanners). We were expecting a few more cuts in the summer (but not 20%).

I am hoping that this news will not impact me directly.

Cheers
Drifter

[demsrule4life]

2. They call that the

better you than me syndrome. :)

[Drifter]

3. The only reason I say that ...

is because typically anything you hear on the news (commercial, film) has nothing to do with my division. I have seen a number of downsizings, but NONE of them have affected my division.

This past year was different. We were forced to get rid of a few people. Luckily, all of them found other positions within Kodak. We have started moving operations to China. First a single board, now an entire scanner will be assembled there (many are losing their jobs)

My division is extremely profitable compared to the commercial film business, but because we are so small compared to that business, we are often over looked.

I am very sad whenever anyone anywhere is pushed out of a job they want to keep.

Cheers
Drifter

Any other Kodakers out there ?

[Habibi]

7. I did tech support at Kodak over a year ago

They had to boot me out because of rules about contractors not staying past 18 months, but said they wanted me back when my mandatory 6-month hiatus was over. Needless to say, I've not been back, and now believe I'll never go back there. Too bad, even for contractors it was a pretty good place to work.

I can't imagine what this is going to do to an already depressed local economy. I think I'm going to have to move eventually, myself.

[Cooley Hurd]

4. Kick for my friends & relatives in Rochester...

...including my cousin's husband, who was laid off during the last round of job cuts (and he's STILL looking for a comparable job!)

[LincolnMcGrath]

5. The State of our economy is strong!

My co. is going to announce cuts at the end of the month. :scared:

[UpInArms]

6. here's the political campaign contribution list

go to the second link to find individual recipients

http://www.opensecrets.org/pacs/lookup2.asp?strId=C00297085

Contributions from this PAC to federal candidates (http://www.opensecrets.org/pacs/pacgot.asp?strID=C00297085&Cycle=2004)
(10% to Democrats, 90% to Republicans)
$30,500

[boredofeducation]

10. Kodak is the largest pollutor of New York State

Doesn't surprise me that Kodak is a big donor to the GOP since it is the largest pollutor of Dioxins in the state of New York. Kodak Park is one of the most polluted places in the US. Kodak gets tons of fines every year for violations and illegal dumping.

[are_we_united_yet]

8. boy that economy is really growin

[truthspeaker]

9. my dad works there

but he's two years from retirement anyway, so even if he gets let go it probably won't be a big blow.

[DarbyUSMC]

11. The old days of "if you work for Kodak, you have it made" are long gone.

Memories remain though, and it breaks my heart to know that Kodak has become what it has ----- not only with their claim to fame in the pollution business but giving China the work and wrecking the lives of its loyal employees. I squirm when I see their "home and hearth" commercials.

Rochestarian via Mt. Morris, NY

[boredofeducation]

12. Working for the company for 30 years is

Working for the company for 30 years is now extinct for younger generations. I have aunts and uncles who work for Kodak in Rochester, and they use to get very large end of year bonuses, some large enough to buy a car or a downpayment on a house. Those days are just about gone. So are the days of working for the company for 30 years and retire with great benefits.

I had a neighbor who was a contractor that worked in Kodak Park. He said that Kodak does not clean up contaminated sites, instead they would just pave over the contaminated areas and place park benches on top or fill the areas with top soil and make a play grounds for the kids, right on top of a toxic waste site. Kodak either owns alot of the homes in Kodak Park or subsizes the mortgages, it is probably one of the most polluted pieces of land in the US. If Kodak ever leaves Rochester, Rochester would be left holding the bag, not only would they lost the largest employer in the area, they would have gained 1,300 acres of questionable and probably toxic lands and neighborhoods of homes with contaminations that make Love Canal look like a paint spill. I think that is why local government and state government never really go after Kodak like they should, and that is probably why Kodak is going Digital.