Kodak cuts 15,000 jobs & buys Chinon

Kodak has today said it would cut as many as 15,000 jobs and take charges of up to $1.7 billion over the next three years as it works through a painful shift toward digital products and away from the waning film market. Kodak has shed some 22,000 jobs in the last five years, cutting its work force to about 64,000 in 2003 from 86,000 in 1998. Another story from Kodak today is that that are buying the remaining 41% of Chinon Industries to take full control. Chinon Industries, established in 1948, is engaged in research, development, and manufacturing of digital cameras.

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