ROCHESTER, N.Y. (AP) — Kodak is seeking to simplify its structure and cut costs by reducing the number of its business segments from three to two. Shares are up more than 17 percent in premarket trading.
Eastman Kodak Co. said Tuesday that it now has a commercial and a consumer segment. Both units will report to the new chief operating office, which will be led by COO and President Philip Faraci and by Laura Quatela, who was also recently named as president and COO.
Previously, Kodak's business segments were divided into its traditional film and photo paper products, consumer digital imaging and graphic communications, which included printing equipment.
Kodak says it is not announcing job cuts as part of this reorganization.
Kodak has been reported to be preparing for a Chapter 11 bankruptcy filing if it can't sell a trove of digital-imaging patents.
The company's shares are up 7 cents to 47 cents.