The news that one of our favourite print companies is selling its camera-film business in order to get itself out of a black hole of financial debt has hit headlines all around the world.
Whilst bankruptcy is a scary thought, the fact that Kodak is to shift its attention wholly onto printing is great news in our opinion.
Reorganising the company, Kodak will now primarily focus on commercial, packaging and functional printing technology and enterprise services.
The sale of its personalized imaging and document imaging businesses has been initiated.
Eastman Kodak chairman and chief executive officer, Antonio Perez, said: "We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing – in which we have the broadest portfolio solutions – and enterprise services.
"These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalize on those opportunities and extend our leadership in key growth markets."
So what exactly does this mean?
Basically, Kodak will stop selling digital cameras, pocket video cameras, digital picture frames, camera film, photo paper and souvenir photo products.
This sale also includes those nifty little photo booths that allow you to print your holiday snaps in-store. Don't worry too much though, printing your photos at home has never been easier or cheaper and we have the supplies to get you through this difficult time.
Kodak will continue to make, market and sell high quality printers. Sighs of relief all round.
Kodak was eager to stress that it will continue to own and operate the consumer inkjet, entertainment imaging, commercial film and specialty chemicals businesses.
The company filed for bankruptcy in January of this year and it is hoped that the sale of these assets will bring it out of its current financial situation and help it regain its position in the printing industry.