Eastman Kodak Co. is suspending its $2 billion stock repurchase program in order to reduce debt and free up cash for possible acquisitions, the company said Friday.
The decision also will help return the company's debt-to-capital ratio to about 40 percent, in line with goals the company announced Dec. 12.
The world's biggest photo film maker, based in Rochester, N.Y., was quick to point out that first-quarter cash flow remains in line with expectations and is consistent with the normal seasonal pattern experienced at the end of the year.
"The current period of economic deceleration provides added incentive to pursue our stated goal of strengthening the balance sheet," Kodak's Chief Financial Officer Robert Brust said. "We also want
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