The mistakes in market judgments may cause companies to fall apart, and Kodak is evidence. Before the painful bankruptcy, the â€œYellow Giantâ€ was doing three business: document imaging business, personalized video business and commercial imaging business. According to the personal imaging business with a profit margin of 80%, Kodak sales exceeded $10 billion in 1981. But at that time, Kodak believed that digital cameras could not replace the high-profit film business for the time being. So "Yellow Giant" is still addicted to the film business, and it is the main business, digital cameras are "accessories." The end result is that Kodak has no profit record since 1997 except for one year in 2007. Kodak's market capitalization has also dropped from a historical peak of $30 billion to $175 million when filing for bankruptcy protection. In the past ten years, the market value has evaporated by more than 99%.
Wang Bing, president of Kodak China, told Global Entrepreneur: "The only reason for our restructuring is that the debt burden is too heavy in the past." In the United States alone, Kodak has 38,000 retirees. To this end, Kodak spends as much as $200 million a year on health care, insurance, and pensions, as Bob Volpe, president of EKRA, a Kodak company in Rochester, said.
In order to repay the debt, the old Kodak sold the personalized image and document imaging business to KPP, and changed its name to KodakAlaris. Kodak thus obtained a $695 million withdrawal financial agreement, fully repaying the DIP (credit holder holding assets) borrower and the first The total debt of the two pledge bondholders.
After an illusionary situation, Kodak Alaris and the new Kodak Company are independent of each other and enjoy the use of the Kodak brand. "But financially, the two companies have nothing to do with it." LoisLebegue firmly stated.
This means that an area that was once not well known to most people will be the main source of Kodak's foraging in the â€œnew worldâ€: New Kodak will transform itself into a professional commercial imaging technology company that provides B2B business.
From the data point of view, the commercial image seems to be a jungle enough to provide a lot of food for the new Kodak. â€œTraditional printing is a very large and very stable industry. The annual market capacity exceeds 450 billion US dollars; the packaging field can reach 300 billion US dollars immediately.â€ LoisLebegue firmly believes that Kodak is correct in choosing a new direction. At the same time, he said that the Asian business now accounts for about 27% of Kodak's global market share.
It is undeniable that Kodak's strength in digital printing is still strong. According to known data, Kodak has installed more than 12,000 digital printing equipment products worldwide. In addition, more than 80,000 related printing software used worldwide are provided by Kodak.
Based on the advantages of digital printing technology, even during the difficult period of bankruptcy protection, Wang Bing still did not lose confidence in Kodak. â€œWe firmly believe that the rest of the business is to create value for our customers. Everyone in the company knows clearly that the business he is doing is making money. As long as your business is profitable, we have no real value for ourselves. There is suspicion that there is suspicion, or that it brings value to customers and profitability.â€ Wang Bing said that 85% of Kodakâ€™s products sold in China are among the top three in the market.
In fact, it is not Kodakâ€™s impulsive move to regain digital printing. Prior to his appointment with Kodak in 2003, Peng Andong, global executive and president, had worked in HP for 25 years in commercial print jobs. During his tenure as President of HP's Civil Business and Digital Media Solutions division, Peng Andong led HP's main growth areasâ€”digital imaging and electronic publishing. Under his leadership, the department's revenue reached $16 billion. And obviously Peng Andong is now going to bring Kodak to the digital printing of this jungle.
â€œWhen I entered Kodak in 2005, Kodak was going downhill. At this time, the company realized that the traditional business was unsustainable and needed new growth points. Looking for Peng Andong, he has consciously completed some restructuring, such as buying four The five companies form our graphic and video industry, and at the same time sell the medical industry.â€ Wang Bing recalled, â€œI donâ€™t know what Peng Andong thinks in his head, but I should be able to understand that he actually had the idea of â€‹â€‹entering digital printing. â€
For the digital printing field, LoisLebegue is an example: Kodak has such technology to ensure that pharmaceutical companies can track each individual drug package and ensure that everyone knows the authenticity of the drug. â€œThrough our technology, we can not only help our partners achieve successful and profitable business, but also ensure that people's lives are safer.â€
Wang Bing believes that 40% of books printed in China have become waste paper, more than 30% worldwide. His understanding is that Kodak can speed up the printing cycle by providing digital printing technology and solutions. The advantage of fast printing is that it can be printed at any time, reducing inventory pressure for publishers. "40% of the books printed in the country are actually scrap books. We provide this technology, even if we eliminate 10% to 15% of the waste books, it is also a profit of tens of billions and hundreds of billions."
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