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Trump loaning Kodak $765m to shift to drug production

Christian Fernsby ▼ | July 29, 2020
U.S. President Donald Trump announced Tuesday he is giving American camera company Kodak a $765 million federal loan to pivot the company to manufacture generic pharmaceutical ingredients.
Trump   Kodak
Kodak, the president told reporters at the White House, will now generate "as much as 25% of all active ingredients needed to make generic drugs in the USA" as it prepares to launch Kodak Pharmaceuticals.

Topics: Trump Kodak

"It's a breakthrough in bringing pharmaceutical manufacturing back to to the United States," Trump said, noting that the loan will mark his use of the Defense Production Act.

The shift in mission will result in the creation of 360 jobs at Kodak's Rochester, New York and Minneapolis, Minnesota facilities, Trump said.

Jim Continenza, Kodak's executive chairman, said the company 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."