Kodak to stop making cameras to cut costs

Eastman Kodak Co, the inventor of the hand-held camera, plans to stop making digital cameras, pocket video cameras and digital picture frames in the first half of 2012 in a bid to cut costs.

The photography pioneer, which filed for bankruptcy protection last month, said on Thursday that it will instead seek licensees to expand its brand licensing program. It still plans to offer online and retail photo printing, and desktop printing.

Kodak said it will take a charge of about USD 30 million as a result of the move, which it expects to generate annual operating savings of more than USD 100 million.