Eastman Kodak Co.’s (NASDAQ: KODK) stock tripled following the announcement that the once-bankrupt company had received a $765 million loan from the Trump administration to fund a pharmaceutical ingredients company. A MarketWatch article written by Jaimy Lee noted that “Kodak, which is based in Rochester, N.Y., and has a long history of manufacturing chemicals used in photographic film, now plans to support ‘America’s self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe,’ Kodak’s executive chairman, Jim Continenza, said in a statement.” The article, titled “Kodak’s stock triples as company announces pandemic plan to start making pharmaceutical ingredients,” notes that the recent COVID-19 pandemic has raised concerns about pharmaceutical ingredients that are used to make medicine being imported from countries such as China and India. The article quotes New York Gov. Andrew Cuomo, who stated, “Never again do we want to rely on shipments from China or elsewhere in order to get lifesaving medical supplies.”
The Trump Administration approved the loan based on the Defense Production Act, which it also cited when requesting Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) manufacture medical equipment. As it discusses the funding for and sourcing of pharmaceuticals, the article also mentions Amneal Pharmaceuticals (NYSE: AMRX); Mylan (NASDAQ: MYL); Teva Pharmaceutical Industries Ltd. (NYSE: TEVA); Sandoz, the generic-drugs business of the Swiss drug company Novartis (NYSE: NVS); and Premier Inc. (NASDAQ: PINC).
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About Eastman Kodak Co.
Kodak is a global technology company focused on print and advanced materials & chemicals. We provide industry-leading hardware, software, consumables and services primarily to customers in commercial print, packaging, publishing, manufacturing and entertainment. We are committed to environmental stewardship and ongoing leadership in developing sustainable solutions. Our broad portfolio of superior products, responsive support and world-class R&D make Kodak solutions a smart investment for customers looking to improve their profitability and drive growth. For more information, visit the company’s website at www.Kodak.com.
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