In a press release from the U.S. International Development Finance Corporation (DFC), they announced that they will “provide a $765 million loan to Eastman Kodak Company (Kodak) to support the launch of Kodak Pharmaceuticals, a new arm of the company that will produce critical pharmaceutical components. The project would mark the first use of new authority delegated by President Trump’s recent executive order that enables DFC and the U.S. Department of Defense (DOD) to collaborate in support of the domestic response to COVID-19 under the Defense Production Act (DPA).
The statements adds the following:
“Addressing the unprecedented challenges we face today—and preparing for future crises—requires innovative ideas and partnerships,” said Boehler. “Today, we are bringing together the significant resources and expertise of the private sector and U.S. Government. We are pleased to support Kodak in this bold new venture. Our collaboration with this iconic American company will promote health and safety at home and around the world.”
“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,” said Kodak Executive Chairman Jim Continenza. “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.”
“If we have learned anything from the global pandemic, it is that Americans are dangerously dependent on foreign supply chains for their essential medicines,” said Assistant to the President and Director of the Office of Trade and Manufacturing Policy at the White House Dr. Peter Navarro. “This DFC-Kodak partnership is a big win for the use of President Trump’s DPA powers, a big win for New York, and a huge step forward towards American pharmaceutical independence.”https://www.dfc.gov/media/press-releases/dfc-sign-letter-interest-investment-kodaks-expansion-pharmaceuticals