Kodak gets $765M loan to make drugs under Defense Production Act

” We have a long, long history in chemical and sophisticated products– well over 100 years,” Mr. Continenza told the Journal. He stated Kodaks existing infrastructure will enable it “to get up and running quickly.”.

Maia Anderson –
Tuesday, July 28th, 2020
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The loan comes from the U.S. International Development Finance Corp. and is comparable to a business loan, Kodak CEO Jim Continenza informed the Journal. It should be repaid over 25 years..

He added that Kodak, mostly known as a photography company, expects pharmaceutical components to gradually make up 30 percent to 40 percent of its company..

Kodak prepares to produce active pharmaceutical ingredients for generic drugs, including hydroxychloroquine.

The loan is meant to help the U.S. alleviate its reliance on China and India for APIs, Mr. Continenza said..

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Mr. Continenza stated the loan will produce about 300 tasks in Rochester, N.Y., where Kodak is based, and 30 to 50 tasks in Minnesota..

Kodak, the photography company that developed the digital cam, got a $765 million loan from the government under the Defense Production Act to speed U.S. drug production and minimize the nations reliance on foreign sources, The Wall Street Journal reported..

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