[ryao]

They did do more than just chemicals for film, but then decided to spin off the business so that they could focus on the film business:

https://en.wikipedia.org/wiki/Eastman_Chemical_Company

One really must admire their determination to throw all of the life boats overboard to go down with the film ship. Every time they have a chance to save themselves if they move away from a single minded focus on film, they discard the opportunity. They just needed to mimic Nikon and Canon to stay in business, but refused to do even that.

The only way I see Kodak having a happy ending would be if Eastman Chemical purchases their former parent company to put it under sane management.

[actionfromafar]

That's way too simplified. There's no "just" mimic Nikon and Canon and every other company which tried that died or pivoted away from the try.

[LudwigNagasena]

It makes sense to spin off a successful subsidiary into a separate company and bankrupt the unsuccessful parent company. ECC net income is four times Nikon's and one third of Canon's, so it fits right in the middle. Seems like a happy end for Kodak stockholders beyond the sentimental value of continuity of brand.

[vkou]

Survivorship bias. There's no shortage of dead companies who did try to pivot, and, as it turns out, it's harder to become successful in a new field than just saying 'We're trying something new, boys!'