Kodak to quit S. Africa
NZPA-Reuter Rochester, New York Eastman Kodak, the giant photographies firm, is pulling out of South Africa. Kodak said yesterday the assets of its South African unit would be sold after April 30, and no Kodak company anywhere in the world would be permitted to supply products to South Africa. Analysts have estimated that the firm has suffered a 40 to 50 per cent sales drop during the last two years. Kodak’s chairman, Colby Chandler, cited weakness in the South African economy as the main reason for pulling out, but added: “We have no doubt that the system of apartheid has played a major role in the economy’s under-perform-ance.”
The company’s 466 South African employees will receive a “generous separation package,” including a year’s severance pay for an employee with an unspecified average length of service, Kodak said.
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Press, 21 November 1986, Page 6
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142Kodak to quit S. Africa Press, 21 November 1986, Page 6
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