Kodak to Suffer $17 Million Loss

Upon completion of the sale of its Prosper print business, Eastman Kodak Co. says it will suffer a financial loss due to restructuring and related charges.

According to democratandchronicle.com, the loss is expected to fall between $12 million and $17 million, with $7 million related to separation benefits, $6 million in inventory write-downs, $3 million for asset write-off, and up to $1 million in cash charges.

Kodak also predicts that between $3 million and $5 million in separation benefits will require cash expenditures related to special termination benefits from the company’s pension plans.

Kodak claimed that the sale of the Prosper business would be completed sometime in 2017, but provided no further details.

Kodak’s Prosper business which employs about 400 people, is located in Kettering, Ohio.

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