Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 20, 1993 TAG: 9301270309
SECTION: BUSINESS PAGE: B5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Eastman Kodak to trim 2,000 jobsROCHESTER, N.Y. - Eastman Kodak Co. will cut about 2,000 jobs as part of a plan to trim costs more than $200 million a year, the company said Tuesday.
Most of the cuts will come in the Rochester operations of Kodak's imaging group, which includes photographic and office products.
Savings from the cutbacks will reduce net costs more than $200 million a year, Whitmore said. Kodak's fourth-quarter and 1992 earnings will be released Feb. 2.
The photography giant employed about 133,200 people worldwide at the end of 1991. More than 8,000 Kodak workers have left the company in the past 18 months since it offered a lucrative early retirement program. - Associated Press
\ Black entrepreneur Reginald Lewis dies
NEW YORK - Reginald Lewis, chairman of TLC Beatrice International Holdings, the nation's largest black-owned business, died Tuesday, one day after it was disclosed he had cancer of the brain and was in a coma. He was 50.
Lewis bought the McCall Pattern Co. in 1984 and sold it in 1987 at a substantial profit. But the deal that propelled him to the top was his acquisition of Beatrice International Food Co. for $985 million in December 1987.
Lewis used his TLC (The Lewis Company) Group to make the leveraged buyout. In 1991, TLC Beatrice had revenue of $1.54 billion and net income of $51.4 million. Forbes listed TLC Beatrice as the 74th largest privately held company in the United States. - Associated Press
\ ITT to cut back on consumer loans
NEW YORK - ITT Corp. on Tuesday announced plans to scale back its consumer loan business, saying it would shut 200 offices and eliminate 1,400 jobs by the end of 1993.
ITT Finance Corp. of St. Louis, Mo., the corporation's finance company subsidiary, is staging a retreat from the unsecured consumer loan business due to the recession and an increase in personal bankruptcy filings. It plans to focus more on several profitable lines of business: residential, capital finance, commercial finance, consumer home equity and overseas small loan businesses.
ITT Corp. did not specify where or when the job cuts and office closings would be made. The company plans to take a special after-tax charge against 1992 earnings of $612 million, or $5.23 a share. - Associated Press