Kodak to axe 20% of workforce

Photography giant Kodak is to axe about 20% of its global work force during the next three years.

The company said the cuts – between 12,000 to 15,000 jobs – reflect reductions in global manufacturing, selected traditional businesses, and corporate staff as it continues to focus on digital photography.

Kodak President Antonio Perez said the cuts are ”absolutely required for Kodak to succeed in traditional markets as well as the digital markets to which our businesses are rapidly shifting.”

Kodak announced last week it will stop selling reloadable 35mm film cameras in North America and Western Europe this year.