Kodak to use $765 million U.S. government loan to launch new pharmaceuticals arm

Kodak headquarters in Rochester, New York.
(Image credit: AP Photo/David Duprey)

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.

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Catherine Garcia, The Week US

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.