Kodak to use $765 million U.S. government loan to launch new pharmaceuticals arm
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.
The federal government wants to stop relying so much on China, India, and other foreign countries for medicine, and the U.S. International Development Finance Corporation (DFC) is lending Kodak the money to launch its new project. The agency said about 40 percent of the global supply of drug ingredients is used to make generic medications for Americans, but just 10 percent of the materials are made in the United States.
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.
In May, President Trump signed an executive order giving the DFC authority under the Defense Production Act to finance health-care manufacturing projects amid the coronavirus pandemic.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Is Cop29 a 'waste of time'?
Today's Big Question World leaders stay away as spectre of Donald Trump haunts flagship UN climate summit
By The Week UK Published
-
The rise of the celebrity chef tour
The Week Recommends Chefs and food writers are hosting sell-out live events around the world
By Irenie Forshaw, The Week UK Published
-
'Thank you for your service'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published