Kodak will no longer produce digital cameras, digital video cameras and digital picture frames sometime in the first half of this year, as it continues to struggle for relevance after rejecting modern advancements to a technology they invented.
Customers who already bought a Kodak camera will not be affected as the company will honour all product warranties and continue to provide technical support.
The company will also see “significant” job losses (of a company that had a workforce of 18,800 employees at the end of 2010) because of the decision to leave the business, and will cost them $30 million. They will, however, save more than $100 million in annual operating savings, according to Reuters.
The main business now will be expanding its brand licensing program, and continue to offer desktop printers, and photo printing services online or in retail stores. It will also continue its commercial-sector business, where it will continue to have entertainment, enterprise services and graphics-related products.
It will also mostly rely on its patents to make itself profitable – unless they are actively looking for a buyer.