Eastman Kodak Co. late Friday said it plans to increase prices on as much as much as 20 percent, due to the soaring costs of key raw materials, including silver and aluminum.
The New York-based company said the price changes will take effect from July 1 and will vary by product and region. The increase will help ease the effect of higher costs for silver, aluminum and oil, the company said.
Chief Executive Officer Antonio Perez is trying to restore profit after a first-quarter loss. The increases hit products at the core of Kodak's historic business, which dates to 1884 and was built on the idea that photos were taken on film and printed on paper.
The maker of digital and traditional imaging products previously said the impact of these raw material costs during a conference call with investors on May 1.
Eastman Kodak shares closed the regular session down 19 cents at $15.32.