Eastman Kodak Co. likely to announce more job cuts

Kodak likely to announce more job cuts

Eastman Kodak Co. has said in a statement that they are considering cutting another 3,000 jobs as part of their three-year restructuring program by the end of 2007.

This plan is expected to help the company gain back profitability in this industry which is becoming real competitive.

The company said in a statement that it aimed for gross profit margins of 28 percent to 29 percent by 2009. They expect gains from the markets like cameras, consumer and commercial printing.

Kodak is also expected to make restructuring payments of $575 million to $625 million in 2007.

Company Chief Executive Antonio Perez said in a statement: “I want this (spending) to stop this year. It will stop this year. I want that $500 million in our bank in 2008.”