ROCHESTER, NY (WROC) – According to a filing with the SEC, Kodak said it is considering cutting its pension plan. The program has expanded significantly due to initial contributions and market performance.
The SEC filing said that Kodak is looking to use the proceeds from the cut and sale of the program, which would eliminate its debt. The sale – which also includes the sale of “illegal goods” – was to the MasterCard Foundation, and Kodak would receive more than 500 million dollars.
Kodak confirmed with News 8 that Kodak retirees would receive an annuity, and current employees could receive an annuity when they retire. The company has not yet created a new retirement plan.
Changes to the pension plan still need to be approved by the board. Kodak did not immediately provide any further comment.
Earlier this month, Kodak released its third-quarter results.
Kodak pharmaceutical ingredient factory ‘nearing completion’
The company reported a loss of $8 million in consolidated revenue, from $269 to $267, year over year. While many of its other reported metrics were down, Kodak’s GAAP net profit increased 800% year over year.
In a statement included in the report, Kodak’s CEO, Jim Continenza, said the report reflects Kodak’s progress toward success, and added “their pharmaceutical manufacturing facility is currently (nearing completion) at Eastman Business Park.”
A Kodak spokesperson told News 8 that production is scheduled to begin in 2025:
“Kodak has begun construction of a Current Good Manufacturing Practice (“cGMP”) lab and manufacturing facility to manufacture reagents for healthcare applications within an existing building at Eastman Business Park. Production is scheduled to begin in 2025.“
Last week, the company received $285,000 to strengthen its apprenticeship program.
Eastman Kodak has seen strong returns from their hiring and development of apprenticeship programs.
Nagraj Bokinkere, VP of film and cameras, said they have hired 600 people in the past few years, adding that the investment will create 50 student positions.
“It’s a tough program, the level of training you have to have is great… If you try to go out and hire these positions, sometimes you’ll be waiting for more than a year, so you have to close that gap. ,” he said.
Stay with News 8 on this developing story.
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