1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 5, 2007
Eastman Kodak Company
(Exact name of registrant as specified in its charter)
New Jersey 1-87 16-0417150
----------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
343 State Street,
Rochester, New York 14650
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (585) 724-4000
-------------
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Securities Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-
2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-
4(c)under the Exchange Act (17 CFR 240.13e-4(c))
2
ITEM 2.05 Costs Associated with Exit or Disposal Activities
On January 5, 2007 Eastman Kodak Company committed to the
closure of a Rochester, NY logistics center and materials
management operation in 2007, along with a manufacturing
operation that produces specialized solvent-coated products
for various lines of business.
In conjunction with the closure of the logistics center and
materials management operation, the Company will incur
restructuring related charges of approximately $28 million.
This includes employee termination benefits of approximately
$18 million, accelerated depreciation charges on equipment of
approximately $3 million and other exit costs of approximately
$7 million. Associated with this action the Company will incur
approximately $2 million in operating costs and $2 million in
capital spending. The termination benefits, other exit costs
and capital spending require the outlay of cash, while the
accelerated depreciation represents non-cash charges.
In conjunction with the closure of the solvent coating
operation, the Company will incur restructuring related
charges totaling approximately $37 million. This includes
employee termination benefits of approximately $5 million,
accelerated depreciation charges and inventory write-offs of
approximately $27 million and other exit costs, primarily for
demolition, of approximately $5 million. The termination
benefits and other exit costs require the outlay of cash,
while the accelerated depreciation and inventory write-offs
represent non-cash charges.
As previously announced to employees, termination benefits for
these actions will primarily be paid from the overfunded Kodak
Retirement Income Plan trust (the U.S. Pension Plan).
The estimated restructuring related charges exclude the
potential impacts from soil remediation and any pension plan
settlement or curtailment gains or losses that may be
incurred, as these amounts are not currently determinable.
These actions are expected to be substantially complete by
year-end 2007 and are part of the Company's 2004-2007
Restructuring Program as described in its most recent Form 10-
Q for the quarterly period ended September 30, 2006.
A copy of the January 9, 2007 press release announcing these
actions is attached hereto as Exhibit (99.1).
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
(99.1) Press release issued by Eastman Kodak Company on
January 9, 2007 relating to the closure of a
logistics center and solvent coating operation in
Rochester, NY.
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
EASTMAN KODAK COMPANY
By: /s/ Diane E.Wilfong
------------------------
Diane E. Wilfong
Controller
Date: January 9, 2007
EASTMAN KODAK COMPANY
INDEX TO EXHIBIT
Exhibit No.
(99.1) Press release issued by Eastman Kodak Company on
January 9, 2007 relating to the closure of a
logistics center and solvent coating operation in
Rochester, NY.