Beleaguered printing and photography vendor Kodak is offloading its personalised and document imaging businesses, to focus more on commercial and enterprise services.
The company filed for Chapter 11 bankruptcy in January and has been in the process of auctioning off its veritable vault of patents since then, in a bid to save itself from closure. It has lost US$600 million since the beginning of the year.
Selling off the two business units is part of Kodak's cost-cutting initiative, as it attempts to claw its way out of Chapter 11 bankruptcy and return to profitability some time in 2013. The company's personalised imaging business includes Retail Systems Solutions (RSS), Paper & Output Systems (P&OS) and Event Imaging Systems (EIS).
Document imaging provides a swathe of scanners, capture software and services to enterprise customers.
Kodak retains ownership of Consumer Inkjet, Entertainment Imaging, Commercial Film and Specialty Chemicals businesses.
"We continue to re-balance our company towards commercial packaging and functional printing — in which we have the broadest portfolio solutions — and enterprise services," Kodak CEO Antonio M Perez said in a statement. "These businesses have substantial long-term growth prospects worldwide, and are core to the future of Kodak.
"We are confident our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalise on those opportunities and extend our leadership in key growth markets."
Kodak expects to sell off the personalised and digital imaging businesses by the first half of 2013.