President Trump broadcasted a whopping amount of $765 million as a loan on Tuesday, which would transform Kodak into a manufactures of pharmaceutical products.
The company, which is credited to invent the digital camera in 1975 had been an employer of at least 120,000 people in 1973 from all across the world. However, unable to mold itself to the changing trends, it declared itself bankrupt in 2012.
According to Kodak Executive Chairman Jim Continenza, the transformation of the company from imaging to pharmaceutical is a sensible decision.
“Kodak is proud to be a part of strengthening America’s self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe. By leveraging our vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain.”
This isn’t the first time Kodak is entering into the pharmaceutical area.
It had established back in 1988 a health care business and had also bought Sterline Drug which later got sold in 1994.
This time, it is supposed to build the headquarters in Rochester, New York, while supporting 360 jobs directly, and an additional 1200 in an indirect way.