Kodak restructuring could cut 7,000 jobs
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(InfoWorld) - As part of a four-year turnaround plan, Eastman KodakÂ expects to cut 5,000 to 7,000 jobs by the end of 2007 in an effort to reduce its administrative overhead and boost profits from digital photography instead of standard film, the company told investors Thursday. Kodak leaders had already cut 1,200 jobs during the fourth quarter of 2006, bringing the total jobs lost to 23,400 since the company first announced its restructuring plan in January 2004. By the end of this year, that total could reach 30,000, nearly half of the company's size in 2003. The company has already cut excess jobs from its manufacturing division, and will trim the remaining jobs from its selling, general and administrative unit, Kodak Chief Financial Officer Frank Sklarsky said in a release. The move will reduce administrative overhead from Kodak's current level of 18 percent of revenue to just 14 percent to 15 percent. The company has also slashed costs by announcing Jan. 10 it would sell its 8,100-person medical imaging and health-care IT division to the Canadian firm OnexÂ for $2.55 billion. That deal is expected to close in the first half of 2007. On the revenue side of its books, Kodak hopes to boost income through new products like its consumer inkjet printers, image sensors and picture kiosks, said CEO Antonio Perez. The company will also draw $250 million in revenue by licensing its intellectual-property patents this year, he said. KodakÂ introduced a line of inkjet printersÂ this week to compete with Hewlett-Packard and Xerox. Kodak will target consumers and home-office users by selling replacement ink cartridges at about half the price of its competitors -- just $9.99 for black ink and $14.99 for five-color ink. Likewise, Kodak will sell a range of printers priced below $200. Also on Thursday, Kodak announced it would partner with MozillaÂ to improve Kodak's online photo gallery by allowing users to access it from Mozilla's Firefox Web browser. The companies hope to generate more income from the 83 million U.S. users who are predicted to upload, share and print their photographs by 2010. Users can now download the new tool. Â
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McGraw-Hill Cos , the publisher and parent of the Standard & Poor's credit rating agency, on Tuesday said it is cutting 600 jobs, resulting in a $43.7 million fourth-quarter restructuring charge.
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Cingular Wireless, the nation&#39;s largest cellular phone company, plans to cut about 10 percent of its work force, or 7,000 jobs, as a result of its purchase of AT&amp;T Wireless, the company said yesterday.
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Cingular Wireless will cut about 7,000  jobs, or 10 percent of its work force, to cut costs as it  integrates recently purchased AT&T Wireless, the company said  on Tuesday.
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Eastman Kodak Co.  said on Thursday it expected to complete a three-year restructuring program by the end of 2007 that will help it sustain profitability.
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Delta Air Lines said Wednesday that it would cut 6,000 to 7,000 jobs over the next 18 months as part of a sweeping restructuring plan that the airline said would save $5 billion a year in costs by 2006.
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AT&amp;T Corp. announced Thursday that it is cutting at least 7,500 more jobs and slashing the value of its assets by $11.4 billion, drastic moves prompted by the company&#39;s plan to retreat from the traditional consumer telephone business.
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THE photo-equipment maker Kodak yesterday announced plans to axe 600 jobs in the UK and close a factory in Nottinghamshire, in a move in line with the giantâs global restructuring strategy unveiled last January.
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The camera company plans to shift its remaining digital camera production to China and cut an unspecified number of jobs.
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Eastman Kodak Co. announced Tuesday it will cut nearly 900 jobs at three of its manufacturing facilities in Europe as part of the company's shift from traditional film production to digital photography.
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Cingular Wireless has said it plans to cut at least 10 percent of its workforce -- some 7,000 jobs -- over the next year and a half.
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Delta Air Lines announced a massive restructuring plan that would cut 6,000 to 7,000 jobs and slash more costs, but nonetheless warned that bankruptcy remains &quot;a real possibility.
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By BEN DOBBIN    ROCHESTER, N.Y.  -- Eastman Kodak Co...
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Sprint Corp., the telecommunications giant, said yesterday it will cut 700 jobs in its business solutions division as it stops selling business long distance services outside of package deals.
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Alitalia may have to slash up to 7,000 jobs, it emerged yesterday, as executives scrambled to rescue Italy&#39;s national carrier from possible bankruptcy later this month.
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Kodak said the reductions are because of the increasing popularity of digital photography. The cutbacks are part of the three-year program Kodak announced in January to reduce its
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Delta Air Lines Inc. (DAL.N: Quote, Profile, Research) said on Wednesday it would cut 6,000 to 7,000 jobs, or about 10 percent of its work force, over the next 18