Donald Trump says he is handing over almost $1 billion to fallen photo giant Kodak to manufacture pharma ingredients in the U.S. as part of plan to tackle coronavirus

President Donald Trump officially announced that his administration is giving camera brand Eastman Kodak a $765 million loan to start producing pharmaceutical ingredients in the country, so the U.S. is less reliant on foreign supply chains amid the coronavirus pandemic. 
'It's a great name when you think about it. Such a great name. Was one of the great brands of the world. Then people went digital and Kodak didn't follow, but now under very extraordinary leadership they are following and they are doing something that's a different field,' Trump said from the White House podium Tuesday. 
He called it a 'breakthrough in bringing pharmaceutical manufacturing to the United States' and said it would bring new jobs to both Rochester, New York and Minnesota - the latter of which the Trump campaign is eying as a potential swing state. 
President Trump announced Tuesday that Kodak would be receiving a $765 million government loan to start a pharmaceutical business to firm up the U.S.'s supply line as the president has tried to bring home manufacturing to the United States
President Trump announced Tuesday that Kodak would be receiving a $765 million government loan to start a pharmaceutical business to firm up the U.S.'s supply line as the president has tried to bring home manufacturing to the United States 
Eastman Kodak has long been known for its camera equipment, which President Trump referenced from the podium Tuesday. Now they'll be expanding their American business to creating drug ingredients
Eastman Kodak has long been known for its camera equipment, which President Trump referenced from the podium Tuesday. Now they'll be expanding their American business to creating drug ingredients 
Trump announces Kodak will be manufacturing pharmaceuticals in US
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Kodak tweeted out the announcement of the government partnership earlier Tuesday
Kodak tweeted out the announcement of the government partnership earlier Tuesday 
At the White House Tuesday, President Trump complimented Kodak's leadership. Here's an image of Kodak's Executive Chairman Jim Continenza
At the White House Tuesday, President Trump complimented Kodak's leadership. Here's an image of Kodak's Executive Chairman Jim Continenza
The company's shares were trading at $8.80 after closing at $2.62 in the previous session.
The U.S. International Development Finance Corp said on Tuesday it would sign a letter of interest to provide the loan to Kodak, a company known more for its cameras and imaging business.
The Trump administration has been looking to bolster the ability to produce drugs and their raw materials in the United States after the COVID-19 pandemic exposed the industry's dependence on China and India for its supply chain.
'This is the beginning of American independence from our pharmaceutical dependence on foreign countries,' White House trade adviser Peter Navarro said in an interview with Fox Business network.  
In May, the administration awarded a contract worth up to $812 million for a new U.S. company to manufacture drugs and drug ingredients in the country.

President Trump touted his use of the Defense Production Act for a 33rd time during Tuesday's briefing. Democrats including Joe Biden had hit Trump for not being using the act more widely, which allows the government to push private manufacturers to make supplies like swabs
President Trump touted his use of the Defense Production Act for a 33rd time during Tuesday's briefing. Democrats including Joe Biden had hit Trump for not being using the act more widely, which allows the government to push private manufacturers to make supplies like swabs 
New York-based Kodak, which was founded in 1888, has a market capitalization of $114.6 million. 
The loan will allow it to launch Kodak Pharmaceuticals, a new arm of the company that will produce critical pharmaceutical components.
'By the time this thing ramps up, 25% of the [active pharmaceutical ingredients] for generics we need in the United States is going to be right at that facility,' Navarro said in the interview. 
On Tuesday, the White House was touting that Trump utilized the Defense Production Act 33 times to push companies to produce supplies to combat the coronavirus. 
Trump's initial reluctance to use the DPA has been a common attack line from Democrat Joe Biden and others on the left.
Donald Trump says he is handing over almost $1 billion to fallen photo giant Kodak to manufacture pharma ingredients in the U.S. as part of plan to tackle coronavirus Donald Trump says he is handing over almost $1 billion to fallen photo giant Kodak to manufacture pharma ingredients in the U.S. as part of plan to tackle coronavirus Reviewed by STATION GOSSIP on 03:09 Rating: 5

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