Word: kodaks
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...Eastman Kodak...
...considerably bigger. Imprecisely defined but including at least the gyms, equipment, clothing, foods and vitamins for staying healthy, the fitness market will reach $35 billion this year, up from $30 billion just two years ago. That is bigger than the combined sales of Coca-Cola, Procter & Gamble and Kodak...
...Kodak is one of a growing number of recession-plagued companies that are trying to make their payrolls lean without being mean. Seeking to avoid demoralizing layoffs, many corporate managers are designing special incentives, sometimes called open windows, to recruit volunteers who are eager, or at least willing, to resign or retire. Most such offers are good for a limited time only, because the companies want to trim, not decimate, their staffs. Kodak's program began Jan. 4 and expires...
...Kodak's open-window plan is similar to the efforts launched last year by Exxon and Du Pont. Hurt by falling profits, Exxon last summer sent letters to some 30,000 employees in divisions judged to be overstaffed, promising cash payments in exchange for resignations. Supervisors warned that layoffs might become necessary if not enough people quit. The company will not disclose the terms of the deals or how many workers accepted...
While Exxon, Du Pont and Kodak have offered resignation incentives to all age groups, other companies have focused on workers nearing retirement. Because these employees command the biggest salaries, their departure can generate the greatest savings. Ordinarily, workers are reluctant to retire early because they are not eligible for Social Security until age 62, and most early-retirement plans offer sharply reduced pension benefits. Now many companies are encouraging employees to leave by guaranteeing them monthly pension payments that come close to what they would have received, including Social Security, had they waited until standard retirement...