Eastman Kodak Co. has received a $765 million government loan to help expedite the domestic production of drugs to treat a variety of medical conditions and loosen the country's reliance on foreign sources, according to The Wall Street Journal.
The move is expected to create approximately 300 jobs in Rochester and up to 50 jobs in Minnesota, Kodak chairman and chief executive officer Jim Continenza told the Journal.
The Rochester-based company is gearing up to produce ingredients for generic drugs, including the antimalarial drug hydroxychloroquine, which President Donald Trump has supported in treatment for COVID-19, according to the Journal The Wall Street Journal.
The newspaper on Tuesday reported that the loan is from the U.S. International Development Finance Corporation and is the first of its kind under the Defense Production Act.
Continenza told the newspaper that the loan has terms similar to a commercial loan and must be repaid over 25 years. He said Kodak will produce “starter materials” and “active pharmaceutical ingredients” used to produce generic medicines.
“We have a long, long history in chemical and advanced materials — well over 100 years,” Continenza said. He added that Kodak’s existing infrastructure allows the company “to get up and running quickly.”
The company, which was a photography and imaging industry leader, appears to be shifting focus. Continenza told The Wall Street Journal that he expects pharmaceutical ingredients to make up 30% to 40% of Kodak's business over time.
Further details will be released at a mid-afternoon news conference at Kodak Center in Rochester.
The company, founded in Rochester in 1888, at its peak employed more than 145,000 people worldwide, including more than 60,000 locally-based workers. But in the past three decades, the world embraced digital imagery and abandoned film. The company has struggled to survive. The most recent figures, posted in late 2019, show that Kodak employs around 4,900 people worldwide.
Contact Victoria Freile at vfreile@gannett.com. Follow her on Twitter @vfreile and Instagram @vfreile. This coverage is only possible with support from our readers. Sign up today for a digital subscription.
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