Kodak is getting a 765-million-dollar federal loan to produce generic drugs. White House Trade Adviser Peter Navarro says it will move a good portion of drug manufacturing to domestic soil as the country seeks to build up critical supplies of drugs and equipment, so it doesn't get caught flat-footed by the next pandemic.
Navarro says Kodak is a key part of the Trump Administration's plan to move the U.S. drug supply chain back to the U.S. and away from companies in China and India. He says it's important for national security, and one of the key lessons learned from the COVID-19 pandemic, which began with the U.S. running short of masks and other protective gear that was mostly made overseas.
Governor Andrew Cuomo also noted that point, saying Kodak is now helping fill a critical need for America.
The loan is part of the Defense Production Act. It will mean 300 jobs for Rochester, support thousands of others across the state and an important return to the health care industry for Kodak. Kodak was a major player in the chemical industry as a film producer, until the digital revolution. Its expertise goes back more than 100 years.
Kodak stock rose about $5 per share on the news.