Agfa-Gevaert quits camera film business

One of the best-known names in camera film, Agfa-Gevaert, is quitting the industry due to the booming popularity of digital cameras.

While international rivals Eastman Kodak and Fuji Photo Film revamp their film divisions to cope with the digital camera craze, Agfa is abandoning its historic roots and selling its consumer photography unit to managers for 175.5 million euros ($331.5 million).

Agfa made almost one in 10 of the rolls of film sold throughout the world last year.