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|BPIF celebrates print apprentices on London Eye
Fri, 15 Mar 2013 12:03:00 GMT
Seven apprentices were invited on the ‘flight' including BPIF training administrator Jack Steel, Robert Radford at PWC in-house printers, Richard Wood and Sam Blown from Tapestry, Elle Lou Roffey from Linklaters, Vanessa Forsyth from Aquatint BSC and Optichrome's Jack Moorhead.Joining the apprentices were leaders from BPIF partners Proskills, Two Sides and the Skills Funding Agency that work together to help boost apprenticeship delivery in the print industry.According to the BPIF, the experience was an opportunity for its apprentices to mix with others from the industry and to hear from those who themselves had started with an apprenticeship and since risen through the print world, such as BPIF president Tony Garnish, also chief executive of ASG Europe.Addressing the apprentices during the hour-long ride Garnish said: "I must be getting old because people keep asking me when I am going to stop. "I have no intention of retiring any time soon because I wouldn't want to leave this industry. I hope all of you find the same, no matter where you end up or what part of the industry you are in, I hope you enjoy it as much as I have. It's been wonderful."BPIF chief executive Kathy Woodward said that apprenticeships would take on a new meaning for the industry going forward. "The cost of traditional college or university-based education with no guarantee of a job will make it increasingly unattractive to those looking to develop their careers," she said. "The printing industry, providing it keeps its portfolio of its apprentice qualifications wide, current, and well delivered, will offer great career routes. Woodward said that the BPIF was "making real in-roads" to broaden and deepen its qualification suite, working in collaboration with Proskills, the Skills Funding Agency and Print Yorkshire. She added: "Every Print Company should think outside the box and consider taking on one of ‘tomorrow's consumers'. They live the creative and digital industry! It's a win win opportunity."
|Polestar triumphs at PPA Production and Environment Awards
Fri, 15 Mar 2013 12:03:00 GMT
Polestar had four plants shortlisted in the Magazine Printing Company of the Year category alone, where Polestar Chantry pipped Polestar Colchester and Polestar Bicester (formerly BGP) to the top spot. Both Colchester and Bicester were highly commended.
The group's other two awards both went to its gravure supersite, Polestar Sheffield, which took home the awards for Environmentally Sustainable Supplier of the Year and Print Production Initiative of the Year, which was awarded for its work on The Amazing Spiderman issue of ShortList magazine.
Polestar chief executive Barry Hibbert said: "This is fantastic news for us and a really appreciated vote of confidence by the magazine publishing industry at a time when Polestar is going through such an exciting period in our development."
Rhapsody also had a good night at the annual event, which was held at London's Kings Place, collecting awards for both Pre-Media Company of the Year and Best Use of Technology to Enhance the Magazine Production Process, for its Emagine workflow.
Gould Publication Papers picked up the gong for Magazine Paper Supplier/Merchant of the Year, beating Antalis and Sappi who were both highly commended.
Meanwhile, on the publishing side Haymarket Media Group matched Polestar's triple triumph as it took home awards for Production Team of the Year, Environmentally Sustainable Business of the Year and the individual award for Outstanding Achievement of the Year, which went to head of production Gary Charlton for co-ordinating Haymarket's production of the official programmes and magazines for the London 2012 Olympic and Paralympic Games.
Charlton said: "I'm delighted that the Haymarket production team's efforts have been recognised by the PPA. It is particularly pleasing to win in three categories, including the Environmentally Sustainable Business of the Year - Publisher.
"This is the second year running that Haymarket has won this award. The judges comments were that Haymarket 'has built a longstanding and extraordinary environmental record, and heads the field in environmental best practice'. I am also very pleased to have won Outstanding Achievement."
Visit the PPA website for the full list of winners and commendations from this year's awards.
|Osborne expected to push lending scheme
Fri, 15 Mar 2013 11:03:00 GMT
Both the Tories and Lib Dems reportedly want the scheme, which has failed so far to improve net lending, to be extended beyond 2013 and skewed in favour of business rather than mortgage lending.
Nicholas Mockett, partner at Moorgate Capital, said: "As we predicted most of the FLS seems to be going into the residential mortgage or home loans market thereby prolonging the property bubble.
"Although cheap mortgages and house price confidence can boost the economy through consumer profligacy, the benefits could be ephemeral as they may buy imported goods and services, providing only a short-term VAT boost to the Revenue."
He added that business spending on capital expenditure would be of greater benefit to the economy over the medium to long term, "as the payback is not instant and the VAT can be reclaimed".
The Bank of England (BoE) has played down the significance of the first two disappointing quarters under FLS, which have seen a £1.5bn contraction in net lending across all participants in the scheme and £1.9bn across those that have specifically drawn money.
The worst offender has been Lloyds Banking Group, which has borrowed £3bn under FLS while reducing its net lending by £5.6bn.
Mockett said: "The BoE needs to find a mechanism to encourage business investment through FLS and stop banks just derisking by transferring existing mortgages to FLS-supported new ones."
Meanwhile, outgoing BoE Governor Sir Mervyn King has claimed that the UK's economic recovery is now "in sight" as the process of rebalancing the economy from consumption to exports gathers momentum.
"We're making good progress towards that re-balancing," he said. "Policies are in place to achieve it. We are on track to achieve it. Recovery is in sight."
He added that the recovery had been held back by "flagging demand for exports and the enormous uncertainty generated by what's happening in the euro area".
|ASG confirms Slough facility to take over Swindon work
Fri, 15 Mar 2013 10:03:00 GMT
Eighteen members of Swindon's 80-strong workforce have accepted temporary positions in Slough while the company evaluates the level of manpower that the move will necessitate at the site.
Meanwhile around 40% of the original staff remain at Swindon, which produces high-end CD and DVD packaging, as it works towards closure at the end of the month.
The company began a review of its UK operations at the end of last year and in January carried out a 30-day consultation with Swindon staff. Tony Garnish, chief executive of ASG, Europe, told PrintWeek that a "sensible" rescue plan could not be found. He said: "The commercial print market has become an incredibly tough environment and that combined with decline in the physical media sector has affected many printing plants.
"Sadly one of them is ours in Swindon and we have done our best to help staff find other opportunities through outplacement services."Garnish said that a small amount of production would continue at Swindon over the next couple of weeks after which time ASG would either sell or redeploy the plant machinery.
He added: "The equipment was very old and expensive to replace in an environment where we see continued decline so we have had to figure out a way that we could continue to support our customers but in a more cost effective and profitable way."
Garnish said he expected to lose around £3m worth of Swindon's £8m annual revenue as a result of the decision to close the facility. "This kind of change will cause some customers to move elsewhere while some work we will not continue to do because it is simply unprofitable," he explained.The company will sell a range of saddle-stitchers and folders from the facility, which will be used for storage purposes until the lease expires in 2014, along with two of its three five- and six- colour litho presses, while one will be moved to ASG's Dublin operation.
Meanwhile a 10-colour perfector will be moved to Slough from Dublin to meet the new workload.
Moving forward Garnish said that the prospects for the £20m plus-turnover Slough operation were good, with continuing production for the physical media market and a new sales team focussing on diversifying in high-end, non-media consumer packaging, such as personal care products, in the UK and across Europe.
"We still have a major involvement in the media market," he added. "We will make our Slough facility a more multi-product plant so that we can meet our customers' needs."
Swindon's closure comes around 14 months after ASG closed its Ebbw Vale, South Wales plant following the group's creation in January 2012 from the merger of global packaging firms AGI World and US-based Shorewood Packaging.
Under the terms of the merger, AGI's owner, private equity house Atlas Holdings, acquired 100% of the combined AGI-Shorewood in the US and 60% of its overseas business, while International Paper, Shorewood Packaging's parent company, took over the remaining 40% interest in AGI-Shorewood outside the US.
ASG employs around 4,000 people worldwide manufacturing sites across the Americas, Europe and Asia as well as creative offices in London, Paris and Sydney.
In the UK and Europe alone ASG employs around 1,000 people, generating an annual turnover of around €220m. Facilities include packaging manufacturing sites in Slough, Dublin, the Netherlands, Austria and Poland and injection moulding sites in the UK and Germany.
|Me and My... Timson T-Press
Fri, 15 Mar 2013 08:03:00 GMT
Ringing in the changes can be a scary business, especially when you've been used to the same setting and the same way of working for many years, as Gary Mackney has. "I've been working at King's Lynn for 16 years and I know every inch of this factory," says the operations manager, who for the first 12 years of his career worked for Biddles, but has for the past four years been part of MPG Printgroup, following its acquisition of the book printer.But Mackney is unequivocal in his support for the changes that MPG has rung throughout the pressroom, since it took over. He believes that moving with the times - in this case, switching from litho to digital - is crucial to this book printing facility's survival."Three years ago, the company made the decision to move to 100% digital manufacturing," he explains. "We took the huge step of clearing out all of the litho machines from our factory and replacing them with digital inkjet technology."To be a part of this transformation, from litho to digital, has been a once-in-a-lifetime opportunity," he continues. "It can be likened to the move from letterpress to litho. Unlike conventional litho technology, the digital manufacturing process can print pages, fold them and gather them into book blocks in one operation, making the process more efficient and, therefore more competitive."In fact, the switch from litho to digital at Mackney's place of work has been part of a wider overhaul of MPG's operations. The company, which started life as Martins Printing Group 50 years ago, was recently renamed MPG Printgroup, to reflect a new era for the business. Its Bodmin, Cornwall site has recently bade farewell to a range of litho kit as well to become the company's administration, IT and client services HQ, and, replete with two Océ 6320s, MPG's centre for on-demand books in runs of up to 99.Meanwhile, one of Bodmin's KBA 142s has been relocated to a new plant in Bar Hill, Cambridgeshire, that is taking on all of the firm's remaining long-run academic journal and educational book jobs.This of course leaves the King's Lynn site free to process the significant bulk of jobs that now sit somewhere in the middle of long and super-short runs. The first piece of kit the company installed for this purpose was a Kodak Prosper 1000 with a Timson T-Fold, which is best-suited to runs of 100 to 1,500 books.Next on MPG's shopping list was an inkjet mono machine with the speed and capacity to process runs of up to 4,000 books. And MPG was so impressed with its experience of both Timson and Kodak technology that it opted for a Timson T-Print, which employs Kodak Stream printheads, together with an inline T-Fold to comprise a T-Press production system.The aim, reports Mackney, was to create a completely different, and much slicker, set-up, with the Timson T-Folds operating at its heart. The design for the factory floor was planned to accommodate the most efficient workflow, with work from the T-Folds handled by a Kolbus binding line that is near-line rather than inline to maintain flexibility. "It is a personal opinion, but I believe we now have one of the most efficient logistical models for book printing in Europe," says Mackney.
While the company was keen that the next inkjet added after the Prosper to be of higher capacity and incorporate a T-Fold they were already so pleased with, MPG could of course have again paired the folder with a printer from another manufacturer. But Mackney reports that - while presses from both HP and Océ were in the running when shopping for the Prosper - in the case of the T-Print, nothing came close. "The Timson is quite unique at the moment because of the speed and the web width on the reel," he says. "There's no other manufacturer at the moment who can produce that."And it's the web width and impressive speed of the T-Print machine that has made it such a successful addition to the King's Lynn mono line-up. "The speed of the press is really good; it's 200m per minute at the moment and we have an upgrade coming in to make it up to 300m per minute," reports Mackney. "And with such a good width we can print a lot of our formats double the width we could on any other machine. So that improves our throughput even further."The quality of the Kodak Stream heads has been just as impressive in the Timson chassis as it has been in the Prosper, reports Mackney, who is a big advocate of the technology these heads employ."We feel continuous-stream is much more robust than a drop-on-demand system," says Mackney. "Each module has 2,496 jets in it. The non-image area droplets get dispersed with air. So, because each jet is continuously dropping ink, they don't get blocked, which means less servicing and better quality."That said, it hasn't been completely plain sailing for the T-Press system install. A few technical issues were always going to be on the cards, says Mackney, due to MPG being one of the very first companies to install the T-Print press with Kodak Stream heads. But considering this, and the fact that the machine has done a fair amount of travelling to showcase the new technology, it has performed very well, he says."The machine was first put together at Timson in Kettering, then it went to Drupa last year, then it came back to Kettering and then came back here, so it's a well-travelled machine and been put together four times," says Mackney."We weren't a beta test site as such, but we took the machine on knowing there were still some things to improve. There's still some software and control panel integration work being finished off," he continues. "But over the past few weeks we've had visits from three experts from the Kodak Graphic Communications Group's HQ in the US, as well as Timson engineers. We've had full support from both parties, they're working on the project together."
Mackney is very happy, then, with MPG's latest addition to its mono inkjet line-up. The T-Press system is enabling the firm to process more work, which is projected to enable the King's Lynn site to double its turnover to £12m. And, of course, speedier printing carries the benefit, not only of boosted capacity, but quicker turnarounds to boot.
"Recently, one of our big customers in London phoned to ask for a last-minute job for a book launch. We started the job first thing in the morning and the copies were delivered to the event by one o'clock the same day," reports Mackney. "With litho, there is no way we could have offered that service. We can now offer the highest levels of customer satisfaction, helping our customers differentiate themselves from their competitors."So while litho will continue to have its place at MPG's Cambridge site, the future for King's Lynn is very much a digital one."Continuous inkjet printing is the future - clean, fast and flexible," concludes Mackney. "As the book market adapts, we needed a solution for short-run book manufacturing. Since the installations, we have achieved substantial efficiencies, with a reduction in paper consumption combined with incredible press availability."
Web width 1,245/1,320mm (49/52in)
Max speed 200m/min (300m/min at 600dpi with upgrade)
Quality 600x900dpi (equivalent to 133lpi)
Price (with T-Fold)?£2.8m-£3m depending on specification
Max speed 300m/min
Book sizes Various (by producing a long grain three sides open copy with the option to change the cut off)
Formats Perfect bind, sew, saddle stitch or notch bind finished books
Compatibility Compatible with all web-based digital presses
Substrate range 28-120gsm
Standalone price £1m-£ 1.2m depending on specification
Contact Timsons 01536 411 611 www.timsons.com
The newly renamed MPG Print Group has been born out of a series of acquisitions made over the past four years. The company today consists of three UK sites: its headquarters and on-demand printing site in Bodmin Cornwall; an inkjet mono printing, colour section and cover printing site in King's Lynn, previously named Biddles; and a site in Bar Hill, Cambridgeshire, which now looks after the company's long-run academic journal and educational book jobs.
Why it was bought...
After investing in a Kodak Prosper 1000, MPG decided it wanted to really ramp up its King's Lynn-based inkjet mono offering, by complementing it with a higher capacity press. Whereas in the past, any runs of more than 1,500 were printed on one of the firm's litho machines, now jobs of between 1,500 and 4,000 can be run more economically on the new Timson T-Press line.
How it has performed...
As one of the first to install the T-Print press with Kodak Stream printheads, MPG was expecting to encounter a few teething problems in the first few months. Both Timson and Kodak have been very conscientious in helping MPG work through these, however, and operations manager Gary Mackney reports that overall the machine has been very "reliable." He reports that print quality and productivity have proved as impressive as expected.
|Print revenues up at Trinity Mirror in 2012 results
Thu, 14 Mar 2013 10:03:00 GMT
The national and regional newspaper publisher said the increase in contract print revenues was evidence of the efficiency of the 26 full colour presses the group operates across its nine print sites.
New chief executive Simon Fox, who joined the publisher in September 2012, said the group's print operations were well invested but that it would consider additional investment in its core plants "if they are supported by new long term third-party print contracts".
The 7.6% gain in contract print revenues in 2012 was partially offset by the falling price of newsprint in the second half of the year, which reduced revenues from newsprint supplied to contract customers by £500,000 to £26.7m.
In addition, the small increase in revenues from Trinity Mirror's printing division did little to offset declining advertising and circulation revenue, which fell 10.4% and 7.9% to £292.8m and £297.2m respectively.
Group turnover for the 52 weeks ended 30 December 2012 was therefore down £54.2m year-on-year to £706.5m, with an estimated £12m of that decline due to the launch of rival national Sunday tabloid the Sun on Sunday in February 2012.
Meanwhile, a £60m writedown in the carrying value of goodwill in Trinity's specialist digital classified recruitment and property business resulted in a dive in statutory operating and pre-tax profits, which fell 58.8% and 74.6% to £38.1m and £18.9m respectively.
On an underlying basis operating profit increased 2.5% from £104.5m to £107.1m while pre-tax profit rose 7.4% to £98.7m (2011: £91.9m).
At group level, the fall in newsprint price reduced Trinity's own costs by £17m versus 2011, while its cost saving initiatives also led to an £18.2m reduction in labour costs.
Fox said that the group had been "highly effective in managing its cost base in recent years" adding that "this energy will remain undiminished".
"We will remain focused on driving efficiency through the use of technology to simplify, centralise or outsource those processes which are non-consumer facing," he said, citing the recent outsourcing of around 110 pre-press, studio and ad creation positions to India-based Affinity Express as one example.
The group will push for a further £10m in structural cost savings in 2013 and will also benefit from the fall in newsprint prices, while it plans to invest some £8m to accelerate its digital capabilities in 2013, rising to £15m a year going forward.
Planned investment includes the launch of e-editions across all platforms for all of the group's regional titles by the end of the summer, as well as "greatly enhanced" web and mobile sites for the group's top 30 titles in 2013.
The group also plans to invest in new digital businesses based around: building its sports content; building its regional news and commercial connections; and engaging new audiences. This could include "selective small scale acquisitions or partnership opportunities".
"Our underlying performance in digital revenue has been far from satisfactory and our increased focus on this area will be a high priority for 2013 and beyond," said Fox.
Post balance sheet events included the acquisiton of a 20% stake in Local World for £14.2m on 7 January 2013.
|Rapidity in HP twin-investment
Thu, 14 Mar 2013 10:03:00 GMT
The investment follows what the company said was its best year of trading yet, recording £5.9m turnover in the 12 months to March 2013.
The two new presses will join an HP Indigo 5500, which was installed around 12 months ago, as well as a Xerox iGen3 and two Xerox Nuveras. Meanwhile the firm has taken the unusual step of posting its second iGen3 on ebay in the hope of achieving a quick sale ahead of the 7600 installations.
Rapidity managing director Paul Manning said the latest HP investment had been prompted by the success the company had seen since installing the Indigo 5500.
He added: "We've been running it for around a year now and it's been a revelation. We put it in as a honey trap and basically if you ask if putting an Indigo in means you're going to get more work? The answer is frankly, yes."
Manning said Rapidity's "significant investment" in the 7600s would enable to company to be far more competitive and increase its offer to existing clients as well as target new markets, particularly high-end creative work.
"The new Indigos have a lot of features like enhanced productivity modes to let us print in three-colours, without black, which is fantastic because it runs faster and at a lower click rate," he added.
"The real advantage it gives us is on features like white inks. We aren't going out there as pioneers but what we are doing is recognising that this is the best technology on the market so we're embracing that."
Manning said that the investment did not signify a move away from Xerox but was simply "a recognition that HP Indigo gives us the edge for colour".
He said: "We are finding that every litho printer is putting in equipment and coming into our market with cheaper digital rates than ever for standard four-colour process work. So rather than join them and put in some cheap equipment and drive our prices cheaper we'd rather differentiate and be competitive."
The company increased turnover to nearly £6m in 2012/13 from £4.9m in 2011/12, which Manning said was in part due to its Olympic contracts and in part due to organic growth.
He added: "We expect the next 12 months to maintain our close to £6m turnover even without the Olympics and for the subsequent 12 months to breach £7m.
"As a company we are concentrating on being the best at digital print in London and focussing on our two other services: web-to-print and print management.
"We are trying to offer a complete service to our customers. We don't think other printers in our area can compete with what we are going to be offering in this location and in our fantastic premises."
|B Print & Display doubles up HP Scitex FB7600 flatbed fleet
Thu, 14 Mar 2013 06:03:00 GMT
"Since we installed the first FB7600 last March we have been much more competitive and it has opened up new doors for us, both with new clients and new work from existing ones," said managing director Will Skelchy.
"It gives us greater flexibility and has allowed us to shift a lot of short run work from litho to digital reducing the expense of platemaking and makeready waste sheets."
The 75-staff firm claims sales have risen by 40% on the back of the investment in digital printing, although Skelchy declined to provide the turnover.
Skelchy was impressed with the range of substrates that the FB7600 can handle including carpet, glass and rubber flooring.
The flatbeds have also enabled the firm to offer an improved prototyping service for all jobs whether produced digitally or for longer runs produced on its litho and screen process presses.
In total the firm has spent £1.5m in the past year on the two presses, its first digital flatbeds, and it has also invested in a Tharstern MIS.
Skelchy said that the firm differentiated itself with a focus on fulfilment and logistics, in particular ensuring the products it printed were securely packaged and delivered in a usable state in store.
"A lot of our rivals don't value packaging and distribution," he said. "But there's no point printing a great job if you wrap it up like fish & chips and it's destroyed before it gets to be used."
|Arjowiggins fined £75,000 for worker injury
Thu, 14 Mar 2013 05:03:00 GMT
The accident, which resulted in a 54-year-old man severely injuring his left arm, happened when a paper coating machine operative was cleaning accumulated coating mix off the rolls on the head section of the machine. The employee, who has remained unnamed, attempted to clean the rolls while the machine was running at 300 metres per minute resulting in his left hand being taken in to the machine. Consequently the employee needed two metal plates in his left arm and has been left with permanent scarring and impaired mobility. He has however, since returned to the mill on lighter duties. A Health and Safety Executive (HSE) investigation following the accident found that although the company had provided training on the paper coater when it was installed in 2003 they failed to maintain adequate supervision of employees using the equipment. New processes for cleaning lap rolls have since been put in place that allow access only from a designated point with no risk of being dragged in to the machine. Employees are also now required to use a long pole and scraper for the job with the coater running at a reduced speed of 80m per minute.Arjowiggins Fine Papers pleaded guilty, at Stonehaven Sheriff Court on Wednesday (13 March), to breaching the Health and Safety at Work Act and was fined £75,000.HSE Inspector John Radcliffe, said: "Although the company had established a safe system of work for cleaning the rolls of the paper machine some time ago, this had clearly deteriorated over time and there was a failure in management supervision. "As a result, the very unsafe practice of cleaning rolls at full production speed by some employees was not detected and this was allowed to continue for several years until the incident occurred. "The injuries suffered by this worker were serious and life changing for him, but could have also been far worse as there is a history in the paper industry of amputation and fatal injuries occurring when safe systems of work are not adopted when cleaning or maintaining paper machines."
Arjowiggins declined to comment.
|Kodak projects profitable future as it records $1.4bn loss for 2012
Thu, 14 Mar 2013 04:03:00 GMT
According to Kodak's projections (see chart) the company expects to achieve a $167m operating profit this year. Kodak added that operating profits should continue to rise in subsequent years, reaching nearly $500m in 2017.
"It's an operational profit, which is what EBITDA really is," Kodak director and VP of commercial marketing Chris Payne told PrintWeek. "This is what Kodak anticipates its financial performance will be like once it emerges from Chapter 11 - and it takes into account what we've already said in terms of pro forma history for the last couple of years."
Kodak last year did have a few other businesses, including a profitable niche providing film to the movie industry, but as Payne noted: "Of the $2.7bn (in revenues) in 2012, we don't split it out directly, but 80% or more is what you and I would consider equipment and supplies to the graphic arts industry."
Payne would not comment on how the Commercial Imaging division has done during the first 10 weeks of 2013, except to say: "We're seeing the same kind of business that we saw in the latter half of 2012."
But he did note the company's anticipation of more than $1.1bn in profits between 2015 and 2017 does depend on some macro factors. "We're counting on the economy remaining stable; we're counting on the industry transitioning - which it already is - and we're counting on opening up new markets for Kodak, including packaging and functional printing."
Kodak filed for Chapter 11 bankruptcy protection in January 2012. In its 10K filing with the US Securities and Exchange Commission (SEC) this week, the company reported nearly $1.4bn in losses, but stressed the bulk of that, $1.08bn, was tied to reorganization and restructuring costs.
Kodak added the full-year operating loss of the Commercial Imaging division, made up primarily of its commercial printing, improved by $278m in 2012.
"Our momentum continues as we work to file our Plan of Reorganization and then complete the final actions that will enable us to emerge from Chapter 11 in mid-2013," said Chairman/CEO Antonio Perez, in a release that accompanied the filing.
"Thanks to the talent and dedication of our employees, our 2012 performance was on track or ahead of our adjusted EBITDA and cash projections, and we have remained in compliance with the covenants of our debtor-in-possession facility, laying the foundation for emergence as a profitable, sustainable company."
In the SEC filing, the Rochester, NY-based company noted 2012 revenue fell by 20% from the year earlier to $4.1bn, which Kodak suggested was due to "strategic decisions to focus on profitable businesses and accounts, soft industry demand as a result of the broader economic downturn in some businesses and regions, lower sales of traditional products, and unfavorable foreign exchange impact".
For the fourth quarter alone, Kodak said it lost $402m on a 24% decline in net sales to $1.1bn.
Payne suggested the company still has plenty of tasks ahead for the projections to become reality, including the sale of its legacy Document Imaging and Personalized Imaging businesses, along with various related trademarks and intellectual property assets.
Kodak recently reduced the price it expected to get from those assets to a minimum $600m, down from $700m, the company said in recent documents related to it supplemental financing conditions.
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