Eastman Kodak Co. said Thursday it plans to phase out its digital and pocket video cameras and frames this year to continue focusing on its more profitable business ventures.
The withdrawal is expected to save the financially troubled Rochester company (OTB: EKDKQ.PK) more than $100 million annually.
In a news release, Kodak said it will expand its current brand licensing program, and seek licensees in these categories. The company's consumer business will include online and retail-based photo printing, as well as desktop inkjet printing.
"For some time, Kodak's strategy has been to improve margins in the capture device business by narrowing our participation in terms of product portfolio, geographies and retail outlets. Today's announcement is the logical extension of that process, given our analysis of the industry trends," said Pradeep Jotwani, president of consumer businesses, chief marketing officer.
Kodak will honor all related product warranties, and provide technical support and service for its cameras, pocket video cameras and digital picture frames.