Eastman Kodak Co. expects to take a loss between $12 million and $17 million in restructuring and related charges if it completes the sale of its Kettering-based Prosper print business, the company said in a federal filing.
The company announced in March 2016 that it wanted to sell the commercial inkjet business, which accounts for more than $80 million in sales for Kodak.
About 400 people work at Kodak’s office and labs at the Miami Research Park in Kettering and a major part of its business there is the Prosper inkjet program. The site is Kodak’s largest operation outside of its headquarters in Rochester, N.Y.
In its most recent quarterly earnings report released in November, Kodak CEO Jeff Clarke said the company continues to shop its Prosper inkjet business and the company said the deal should be finalized sometime this year.
Kodak expects that between $3 million and $5 million in separation benefits costs for employees at the Kettering plant will require cash expenditures related to special termination benefits from the company’s pension plans, the Rochester Democrat and Chronicle reported.
When Kodak purchased the Kettering inkjet operation, the products developed and manufactured there were called Versamark. After the acquisition, Kodak invested in new technology development in Kettering that is now known as Prosper.
The company introduced the Kodak Prosper 1000 Plus Press in February 2015, calling the product developed in Kettering “the world’s fastest black and white inkjet press.” The Prosper press can print at speeds up to 4,364 pages per minute, allowing book publishers to produce shorter print runs more quickly and profitably, officials said.
Founded in 1880, Kodak was a pioneer in the print and movie film industries. In recent times, the company has struggled as more people use digital products. Since 2012, the company has laid off more than 3,500 employees in the United States.
FIVE QUICK BUSINESS READS: