Eastman Kodak Co. said Tuesday it will sell off its pharmaceutical subsidiary, Sterling Winthrop Inc., and other divisions to concentrate on its imagemaking business.
"Imaging offers Kodak tremendous opportunities for long-term success and growth," Kodak Chairman George M.C. Fisher said in a release. "It is the business Kodak knows best."In addition to Sterling Winthrop, which also makes consumer health products, Fisher said Kodak will sell off L&F Products, a maker of personal care and household products, and its Clinical Diagnostics Division.
All told, those businesses account for about $3.7 billion of Kodak's annual revenues, the company said. That represented about 22 percent of its 1993 revenue of $16.6 billion.
Kodak will retain its Health Sciences Division, which includes dental diagnostic imaging and cardiology businesses, according to Fisher.
Fisher said Kodak's new strategy will focus on five segments of the "imaging" business: taking pictures, processing them, storing them, outputting them and delivering them. Kodak will broaden its emphasis on digital electronic imaging, Fisher said.
Kodak has announced a plan to lay off 10,000 workers to reduce its work force worldwide to around 120,000 by the end of 1995.