Kodak inventory soars as former photography giant gets into the drug …

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Shares of Kodak (KODK), the onetime photography leader that now produces advanced material and chemicals, jumped 300% after the news of the loan was reported by The Wall Street Journal. The stock was up 230% in late morning trading.

The loan is the first of its kind under the Defense Production Act, according to the Journal.

About former
A former is an object, such as a template, gauge or cutting die, which is used to form something such as a boat’s hull. Typically, a former gives shape to a structure that may have complex curvature.
A former may become an integral part of the finished structure, as in an aircraft fuselage, or it may be removable, being using in the construction process and then discarded or re-used.

Kodak stock soars as former photography giant gets into the drug …

About photography
Photography is the art, application and practice of creating durable images by recording light or other electromagnetic radiation, either electronically by means of an image sensor, or chemically by means of a light-sensitive material such as photographic film. It is employed in many fields of science, manufacturing (e.g., photolithography), and business, as well as its more direct uses for art, film and video production, recreational purposes, hobby, and mass communication.Typically, a lens is used to focus the light reflected or emitted from objects into a real image on the light-sensitive surface inside a camera during a timed exposure. With an electronic image sensor, this produces an electrical charge at each pixel, which is electronically processed and stored in a digital image file for subsequent display or processing. The result with photographic emulsion is an invisible latent image, which is later chemically “developed” into a visible image, either negative or positive depending on the purpose of the photographic material and the method of processing. A negative image on film is traditionally used to photographically create a positive image on a paper base, known as a print, either by using an enlarger or by contact printing.

White House trade adviser Peter Navarro was set to travel on Tuesday to Kodak’s headquarters in Rochester, New York, to tour the 1,600-acre facility.

“It’s going to be the renaissance of the great state of New York as an industrial power,” Navarro said during an appearance on Fox Business.

Kodak stock soars as former photography giant gets into the drug …

Kodak’s film legacy means the company has expertise in fine chemicals, Navarro said. He added the project will curb US dependence on countries restricting pharmaceutical and face mask sales during the pandemic, as well as cut into markets in China, India and Ireland.

He predicted 25% of the active pharmaceutical ingredients to make generic medicines in the US will be made at that facility and a companion Kodak facility in Minnesota.

The deal itself, Navarro said, goes through the Development Finance Corporation using Defense Production Act Title III. He added that the loan is “fully collateralized by assets and performance contracts so it’s minimal risk to the taxpayer.”