Kodak set to quit camera film and photo paper business
- 24 August 2012
- From the section Technology
Debt-struck photography pioneer Kodak says it may sell off its still-camera film and photo paper divisions.
The firm has already stopped making digital cameras as part of efforts to reduce its losses after filing for bankruptcy protection in January.
It has also been trying to raise funds by selling off more than 1,100 digital imaging patents.
It had originally planned to announce a buyer last week, but said "discussions continue" and a deal might not happen.
Apple and Google had been reported to have made rival bids for the patents, but the Wall Street Journal reports they have now joined forces and have added Samsung, LG, HTC and others to their consortium
The WSJ's sources suggested the offer price for the portfolio would be about $500m (£315m) - well below the $2.6bn estimate that Kodak had suggested it could be worth.
The company recently reported a $665m net loss for the first six months of the year, putting further pressure on its finances.
In its latest announcement the US company said it had hired investment bank Lazard to help it sell its Personalised Imaging and Document Imaging businesses.
This would mean an end to it making films for still cameras, photo papers, souvenir photo products at theme parks, scanners and picture print-out kiosks at stores.
It would leave the business focused on printers, cinema film stock and chemicals.
The British Journal of Photography said the news would concern the industry.
"A lot of professionals still shoot with film and like the quality it gives them," Olivier Laurent, news editor at the journal, told the BBC.
"The resolution is still a thousand times higher than most digital cameras can offer so long as a good scanner is used.
"A film photograph has a different mood thanks to its grain - it's about the love of the image and digital still has a hard time trying to reproduce that feeling."