ROCHESTER, N.Y. (WROC) — According to a filing with the SEC, Kodak said that it looks to cut its pension plan. The plan has increased significantly due to initial contributions and market performance.
The SEC filing stated that Kodak looks to use the cash from the cut and sale of the plan, which would to offset its debt. The sale — which also includes the sale of “illiquid assets” — was to Mastercard Foundation, and Kodak would retrieve more than $500 million.
Kodak confirmed with News 8 that Kodak retirees would receive and annuity, and current employees could get a lump sum or an annuity when they retire. The company has yet to formalize a new retirement plan.
The change in the pension plan still requires board approval. Kodak did not immediately offer any additional comment.
Earlier this month, Kodak unveiled its third-quarter financial results.
Kodak pharmaceutical ingredient factory ‘nearing completion’
The company reported a $8 million loss in consolidated revenues, from $269 million to $261 million, year over year. While most of its other reported metrics were down, Kodak’s GAAP net income increased 800% year over year.
In a statement included in the report, the CEO of Kodak, Jim Continenza, said that this report reflected Kodak’s move toward efficiency, and added their “facility for manufacturing pharmaceutical ingredients currently (is) nearing completion at Eastman Business Park.”
A spokesperson for Kodak told News 8 that production is scheduled to begin in 2025:
“Kodak has started construction of a Current Good Manufacturing Practice (“cGMP”) lab and manufacturing facility to manufacture reagents for healthcare applications within an existing building located at Eastman Business Park. Production is scheduled to begin in 2025.“
Last week, the company received $285,000 to bolster its apprenticeship program.
Eastman Kodak has seen strong returns from their hiring and renewed apprenticeship programs.
Nagraj Bokinkere, VP of Films and Cameras, said they’ve hired 600 people in the past handful of years, adding that this funding will create 50 new apprentice positions.
“It’s a difficult program, the level of training that you need to have is quite extensive… If you try to go out and hire for these positions, sometimes you’re waiting for more than a year, so you really have to plug that gap, ” he said.
Stick with News 8 on this developing story.
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