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Kodak says reports of its corporate death are greatly exaggerated
[Mon 31/10/2011 04:30:37]
By Brendan Swift
Film manufacturer Kodak says reports of its impending corporate-death have been exaggerated and it is still making billions of feet of film.
The statement comes amid speculation that Kodak is seeking to raise about $US900 million from hedge funds to shore up its cash position as it attempts to restructure its business.
Kodak’s Entertainment imaging division president Kim Snyder compared the company’s position to author Mark Twain who, upon hearing reports that he was lost at sea, said “reports of my death have been greatly exaggerated”.
“We at Kodak refuse to let the volatility of the market or the rumours distract us from our mission – to provide the highest quality tools to tell your stories,” Snyder wrote on the company’s website.
“We are still making film – billions of feet of it! Sure, digital technology has impacted how filmmakers approach their work. But Kodak is a company with a long and brilliant presence, all built on ground-breaking science and technology. We are committed to continuing to do so, even in today’s landscape where film and digital coexist.”
Kodak (Australasia) entertainment, imaging and professional services general manager, Darren Swenson, and key account manager, Lawrence Horsburgh, were not available for comment. Kodak stock has been used to shoot several local films this year including The Hunter. However, earlier this year it retrenched three local staff.
Snyder described Kodak as more than a “film company”, highlighting an upcoming digital asset management solution it will soon launch and pointing to IMAX’s recent decision to licence Kodak’s laser projection technology. Kodak will also launch a new VISION3 film stock.
A spokeswoman for IMAX Melbourne Museum said it will consider adopting the new laser projection technology when it becomes available in mid-2013.
IMAX Corporation presented information on the new system, which will be the first digital system which works for screens more than 80 feet in size, at the Giant Screen Cinema conference in Austin in September.
Correction: This story originally said Oranges and Sunshine was shot on Kodak film. In fact, 90 per cent of Oranges and Sunshine was actually filmed on Fuji stock.
