Kodak (KODK) Lands First-Ever Loan Under Defense Production Act, U.S. to Lend $765 Million For Drug Ingredient Push
Kodak (NYSE: KODK) has been awarded a $765 million Defense Production Act loan from the U.S. government, which is the first of its kind. The loan is being made to ramp up domestic production of key pharmaceutical ingredients, including those used for generic drugs, which currently come mostly from China and India.
The once-formidable photography leader was picked given its ample idle production capacity.
The loan is coming from the U.S. International Development Finance Corporation, which dubs itself as "America’s development bank." The government agency partners with the private sector to finance solutions to the most critical challenges facing the developing world today.
The Wall Street Journal first reported the award.
Shares of micro-cap Kodak have surged on the news.
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