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Technology Stocks : Eastman Kodak Company (NYSE: KODK) -- Ignore unavailable to you. Want to Upgrade?

To: Wiski1313 who wrote (10)	12/18/1997 9:20:00 AM
From: Wiski1313	Read Replies (2) \| Respond to of 484

Kodak Takes 1.5 Billion charge ROCHESTER, N.Y.--(BUSINESS WIRE)--Dec. 18, 1997--Eastman Kodak Company announced today that its Board of Directors has approved a $1.5 billion charge for restructuring the company's operations, as well as revaluing certain assets. The charge will be included in the company's fourth quarter and full year results to be reported on Jan.15, 1998. The charge results from actions the company announced Nov. 11 to reduce its cost structure by at least $1 billion. About half of the charge represents separation payments to be made to approximately 16,600 employees whose positions will be eliminated. The other half of the charge will cover the cost of asset writedowns and other costs associated with plans to reposition certain non-strategic businesses. The employment reductions will be from a current base of approximately 100,500 employees worldwide, and will be in addition to approximately 2,500 positions that remain to be eliminated under a restructuring reserve taken in the fourth quarter of 1996, and another 800 positions to be terminated under a reserve taken in the second quarter of 1997. Under the three programs, the company will eliminate a total of approximately 19,900 positions worldwide. My initial thoughts is that is double the number of people they were talking about.