The Eastman Kodak Company, known for making film and other photography-related products, will receive a $765 million loan from the federal government in order to start producing pharmaceutical ingredients.
A new division, Kodak Pharmaceuticals, will focus on producing two types of chemicals used to manufacture generic pills and tablets, creating 350 jobs in Rochester, New York, and St. Paul, Minnesota. In recent years, Kodak has made some materials for pharmaceutical companies, Executive Chairman Jim Continenza told The Washington Post, and the company is "truly doing this to help tighten and fix the supply chain of pharmaceuticals in America." Kodak has struggled to survive in a world with digital cameras and smart phones, but the company's stock more than tripled after the loan was announced.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Why does the U.S. need China's rare earth metals?Today's Big Question Beijing has a 'near monopoly' on tech's raw materials
-
When did divorce begin?The Explaine Couples have always split up, but the institution has undergone major changes over the years
-
What are your retirement savings account options?The explainer The two main types of accounts are 401(k) plans and individual retirement accounts (IRAs)
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
