Kodak Returns to the New York Stock Exchange
NEW YORK ( TheStreet) -- Eastman Kodak will re-list its shares on the New York Stock Exchange
Kodak will list with the NYSE under ticker symbol "KODK" and begin trading on Nov. 1, the company said in a Tuesday afternoon statement. TheStreet first reported Kodak's plans to re-list on the NYSE after emerging from bankruptcy.
"We are pleased to once again be listed on the NYSE. The change in our symbol reflects that we are a new company that is focused on business-to-business products and services, well-capitalized and firmly committed to delivering value to our shareholders and innovation to our customers," Antonio M. Perez, Kodak's CEO said in a press release.
Kodak will be a dramatically different company as it returns to the NYSE, the exchange where it traded for many decades and was once considered a blue-chip technological pioneer alongside the likes of IBM
The company, however, has divested most of its best-known consumer products such as photographic film and digital cameras, and it is now a specialized player in high-tech manufacturing businesses that include commercial and functional printing.
The bankruptcy process allowed Kodak spin off its non-core film and document imaging assets to its U.K. pension fund, in a crucial move that resolved liabilities with its largest unsecured creditor and presaged the firm's post-Labor Day bankruptcy exit. Kodak also sold Kodak Gallery to Shutterfly
"It will be enormously valuable for the Company to get out of Chapter 11, and begin to regain its position in the pantheon of American business," U.S. Bankruptcy Court Judge Allan Gropper said when approving Kodak's plan to emerge from bankruptcy on Aug. 20.
"We are proud to be a small part of Kodak's historic turnaround," Duncan Niederauer, CEO NYSE Euronext, said in a statement Tuesday.
In contrast to the multi-decade decline of Kodak's once-dominant photographic film business, the company expects its remaining lines of business to be positioned for sustainable growth. The new Kodak is expected to be attached to markets as high-end as the manufacturing of touch screens, semiconductors, battery technologies, holographic images and circuitry.
Kodak said in a recent investor presentation that it had 8,500 worldwide employees as of September 2013, and is on track to earn $167 million in 2013 earnings before interest, taxes, depreciation and amortization (EBITDA). Kodak forecasts it may earn nearly $500 million in EBITDA by 2017.