Eastman Kodak, facing a 25 percent decline in profits, said that over the next two years it will trim its 95,000-person work force by 10,000, slash annual R&D spending by US$150 million, and farm out more manufacturing in an effort to cut costs by $1 billion. The Rochester, New York, company's stock fell in response to the announcement.
Kodak's Cuts
Eastman Kodak, facing a 25 percent decline in profits, said that over the next two years it will trim its 95,000-person work force by 10,000, slash annual R&D spending by US$150 million, and farm out more manufacturing in an effort to cut costs by $1 billion. The Rochester, New York, company's stock fell in response to the announcement.
