KODAK announced a new business structure yesterday that divides its film group into its two other business units as the once-iconic photography company tries to refocus as a digital company to help fend off financial difficulties.
Its US-listed shares jumped after the news and closed up 50 per cent.
Separately, the company filed a lawsuit against Apple, accusing it of infringing four patents related to digital camera images. It also filed a related complaint with the US International Trade Commission against Taiwan’s HTC.
Kodak said it will create two business segments from the current three. Phillip Faraci will head the commercial segment, while Laura Quatela will head the consumer segment. Both executives will have the title of co-president and chief operating officer and will report to chairman and chief executive Antonio Perez.
Kodak said it will make changes to its financial reporting starting in the first quarter to reflect the new structure. It expects the design to reduce costs and increase productivity.
The company has been trying to raise cash either through new financing or an asset sale.