Kodak exits digital camera market
- 9 February 2012
- From the section Business
Eastman Kodak, whose name became synonymous with photography, is to stop making digital cameras.
The 133-year-old company said it would also end production of video cameras and digital picture frames.
Kodak said it would concentrate on more profitable divisions such as photo printing and desktop inkjet printers.
The company, which entered bankruptcy protection from its creditors last month, said that the changes should save about $100m (£63m) a year.
Kodak said in a statement that it had been cutting its exposure to loss-making operations for some time.
"Today's announcement is the logical extension of that process, given our analysis of the industry trends," said Pradeep Jotwani, president and chief marketing officer at Kodak.
The company will continue to honour product warranties and provide technical support for the discontinued products.
Kodak said it was working with its retailers to ensure an orderly transition.
The move to seek bankruptcy protection came after Kodak failed to sell its catalogue of digital imaging patents last year.
At the time, Kodak warned that it was running short of cash if it did not find a buyer by the end of 2011.
The company has struggled to compete as mobile phone manufacturers have introduced increasingly sophisticated cameras on their own devices.