Company: Kodak, Rochester, NY
Company Description: Kodak (NYSE:KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. We believe in the power of technology and science to enhance what the world sees and creates. We provide industry-leading hardware, software, consumables and services primarily to customers in commercial print, packaging, publishing, manufacturing and entertainment.
Nomination Category: Achievement Categories
Nomination Sub Category: Achievement in Organization Recovery
 Nomination Title: Back from the brink: The Kodak turnaround
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated organization's organizational recovery achievements since the beginning of 2021, OR written answers to the questions? (Choose one):
Written answers to the questions
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization's history and past performance (up to 200 words):
Total 198 words used.
In 1888, with the slogan “you press the button, we do the rest,” George Eastman put the first Kodak camera into the hands of consumers worldwide. Kodak’s work in consumer and motion picture film, printing and publishing, document imaging, and health and space imaging led to the company becoming an economic powerhouse and stalwart on the S&P 500 for decades.
As imaging technology evolved, Kodak struggled to find its way, eventually filing for bankruptcy in 2012. The company found the leadership it needed to come back from the darkest time in its history when it named Jim Continenza CEO in July 2020. Kodak, the iconic brand once known internationally for its dominance in consumer photography, has transformed into a leading industrial innovator and manufacturer. Continenza, known for his success in leading corporate turnarounds, earned 2021 American Business Awards “Maverick of the Year” recognition for his work to push Kodak to the forefront of industrial manufacturing with a focus on the company’s legacy core competencies of commercial print and advanced materials and chemicals.
This Stevie Award nomination shares the story of how Kodak has reinvented itself through intense focus, brave choices, and innovative technology to achieve sustained success.
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video:
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 249 words used.
Six consecutive quarters of year-over-year revenue growth since Q2, 2021 is just one remarkable metric that illustrates Kodak’s turnaround. To get there, Jim Continenza’s first order of business was strengthening the balance sheet by paying off over $300 million of looming term debt, reducing annual debt service costs by approximately $35 million and raising new capital on more favorable terms. All these actions have put the company in its strongest financial position since 2013.
With that solid foundation in place, Kodak focused on its core strengths: chemistry, deposition coating, layering and roll-to-roll manufacturing. These strengths, perfected by Kodak to manufacture film, have new uses across an array of applications including light-blocking fabric coatings, coating EV battery substrates, and manufacturing transparent antennas for applications such as car windshields.
Kodak is investing approximately $25 million each year in its primary commercial print business, further improving its industry-leading products in process-free printing plates, workflow software and inkjet presses. The company has also continued to invest in film and has seen strong growth in still film, motion picture film and industrial films, which are all manufactured at the company’s 1,200-acre Eastman Business Park.
Jim Continenza has instilled his maverick spirit in the Kodak leadership team, who earned a 2022 American Business Award for manufacturing management. Continenza said, “We are an industrial manufacturer. What we do well, we do better than anybody. And we plan to rely on our core strengths in manufacturing to drive the profitable growth we need to succeed.”
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 249 words used.
Rather than attempting to develop completely new businesses, Kodak leveraged key legacy competencies to create new, profitable, growing opportunities, especially in its commercial print business.
Kodak launched ten print products in the past two years and won eight industry awards for innovation. That innovation has made Kodak the leader in the growing category of process-free printing plates. Kodak’s commitment to being the last manufacturer standing in the printing plate category has allowed the company to keep its customers supplied while competitors AGFA and Fuji have closed manufacturing sites.
At the same time, Kodak has invested in inkjet technology and recently launched two groundbreaking inkjet products: the world’s fastest inkjet press and an inkjet press that offers offset print quality at production speeds.
Once wary investors have noticed the turnaround. Kennedy Lewis Investment Management, which focuses on companies facing disruption, has provided financing in the form of a $275 million term loan and a $25 million Convertible Note and has purchased $10 million of common stock. Grand Oaks Capital has invested a total of $100 million in Kodak.
It’s working. Gross profit percentage increased from 11% in the first quarter of 2022 to 16% in the second quarter and held steady during the third quarter. This reflects the impact of actions taken to mitigate the effects of a challenging economic environment.
Kodak is executing its long-term strategy of listening to customers and investing in its core businesses to create value for shareholders and opportunities for the next generation of employees.
- Optional: Reference here any attachments of supporting materials throughout this nomination and explain how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 62 words used.
Our attachment includes links to a variety of content which supports our nomination.
Press releases about new products, new partnerships and new investments in Kodak during the recent period
Press releases about awards won by Kodak for product innovation and business achievements, including two Stevie awards
Press releases from Kodak quarterly Sales & Earnings reports, detailing our continued growth through the period
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