UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported): March 20, 2009
Eastman
Kodak Company
(Exact
name of registrant as specified in its charter)
|
New
Jersey
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1-87
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16-0417150
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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343
State Street,
Rochester,
New York 14650
(Address
of Principal Executive Office) (Zip Code)
Registrant's
telephone number, including area code: (585)
724-4000
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[ ] Soliciting
material pursuant to Rule 14a-12 under the Securities Act (17 CFR
240.14a-12)
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[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[ ] Pre-commencement
communications pursuant to Rule 13e-4(c)under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01 Other Events
On March
20, 2009, Eastman Kodak Company (the “Company”) committed to a plan to shut down
its printing plate manufacturing operation at the Windsor, Colorado site by the
end of 2009. Most of the plate production handled by the Windsor,
Colorado site will be transferred to the Company’s plant in Columbus,
Georgia.
As a
result of this action, the Company will incur restructuring-related charges of
approximately $30 million, including inventory write-offs and accelerated
depreciation on equipment and buildings of approximately $19 million, employee
termination benefits of approximately $6 million, and other exit costs of
approximately $5 million. In addition, the Company will incur
approximately $2 million of operational charges related to this
action. The operational charges and other exit costs require the
outlay of corporate cash, and employee termination benefits will be paid
primarily through special retirement benefits (Special Termination Program (STP)
benefits) payable from the Company’s over-funded U.S. pension plan, while the
inventory write-offs and accelerated depreciation represent non-cash
charges. The estimated restructuring-related charges exclude any
pension plan settlement or curtailment gains or losses that may be incurred, as
these amounts are not currently determinable. This action is expected
to be substantially complete by December 31, 2009.
On March
24, 2009, the Company also announced its plan to shut down its converting and
packaging facility for motion picture films at the Windsor, Colorado site by the
end of 2009. The motion picture film operations will be transferred
to Rochester, New York. Total restructuring-related charges for this
action are not expected to be material.
These
actions are a part of the Company’s 2009 restructuring program that was
disclosed under Item 2.05 in its Form 8-K filed on January 29,
2009.
A copy of
the March 24, 2009 press release related to these actions is attached as Exhibit
(99.1).
Item
9.01 Financial
Statements and Exhibits
(d)
Exhibit
(99.1) Press
release issued by Eastman Kodak Company on March 24, 2009 related to
restructuring actions.
2
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
EASTMAN KODAK COMPANY
By: /s/ Diane E. Wilfong
--------------------------------
Diane E. Wilfong
Chief Accounting Officer and
Controller
Date: March
24, 2009
EASTMAN
KODAK COMPANY
INDEX
TO EXHIBIT
Exhibit
No.
(99.1) Press
release issued by Eastman Kodak Company on March 24, 2009 related to
restructuring actions.
3
Exhibit
(99.1)
EASTMAN
KODAK COMPANY
Media
Contact:
Robert
Gray 970-686-4121 robert.gray@kodak.com
Kodak
To Shut Down Certain Operations at Colorado Site
WINDSOR,
Colo., March 24 – Eastman Kodak Company will shut down two different
manufacturing operations at its Colorado Site in 2009 as part of its ongoing
initiatives to maintain competitiveness and maximize utilization of worldwide
manufacturing capacity.
Shutting down by year-end 2009 will be
the printing plate manufacturing operation and a converting and packaging
facility for motion picture films, with production currently handled by those
facilities transferred to other Kodak facilities with available capacity. About
300 employees will be impacted by these actions.
Kodak is a leading provider of printing
plates and motion picture film, and remains fully committed to serving customers
in those markets. The gradual ramping down of the operations over the next
several months will help ensure that there is no impact on customer quality,
service or delivery for the products manufactured at the Colorado
Site.
Much of the plate production handled by
the Colorado Site will be transferred to Kodak’s plant in Columbus, Ga., which
has sufficient capacity to meet the additional demand. Similarly, Kodak has
available capacity for converting and packaging motion picture films at its
primary film manufacturing center in Rochester, N.Y., where the Colorado
production will be transferred.
In some
cases, impacted employees will be offered the opportunity to take other
positions at the Colorado Site, or to transfer to the other Kodak
sites.
After the shutdown of these two
operations, the remaining activities at the Colorado Site will be focused on the
production of media for producing digital and photographic prints – thermal
media for digital picture kiosks and color photographic paper used by
photofinishing outlets.
“I want to emphasize that these
decisions were not in any way related to the performance of the site employees,
which has been excellent,” said Robert Gray, site manager. “These actions simply
reflect the challenge facing all companies to be as competitive as possible in
the current economic environment.”
Gray noted that all employees who are
involuntarily impacted would receive termination benefits, including severance
payments, outplacement counseling, and continuation of medical coverage for four
months.
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