Eastman Kodak is part of the Trump Administration’s plan to boost domestic drug production, moving it from China and India back to the United States.
According to CEO Adam Boehlert of the Development Finance Corporation, Kodak is getting a first of its kind government loan to speed up U.S. production of the chemicals that go into generic prescription drugs. He says this is critical to national security.
Kodak would make ingredients for generic drugs, using its hundred years of chemical manufacturing know-how. U.S. Trade Representative Peter Navarro says 25 percent of America’s generic prescription drug needs will be met with help of Kodak’s Eastman Industrial Park.
The loan under the Defense Production Act reportedly totals $765 million. Officials and Kodak CEO Jim Continenza signed the agreement at the Theater on the Ridge in Rochester.
It could mean 300 new jobs in Rochester and about 60 more at Kodak facilities elsewhere.
Kodak Stock nearly tripled in value after this announcement came out on Tuesday.