In the last week, the emblematic brand of films and cameras, Kodak, It gained relevance internationally because it will once again change its line of business, this time targeting the pharma market.
The above thanks to an agreement announced by the President of the United States, Donald Trump, between his government and the Rochester, New York-based firm for drug manufacturing.
I save myself … you save yourself
According to the information disclosed in the last days, the permission granted to Eastman Kodak It occurs in the middle of the coronavirus pandemic that has not subsided and is at one of its highest points in the United States.
This is the country most affected by COVID-19, according to data from the Center for Systems Science and Engineering (CSSE) of Johns Hopkins University (JHU), as of Friday, July 31, there was a record of more than 4 million 566 thousand cases of contagion confirmed, like more than 679 thousand deaths.
In this context, the Trump administration handed over to Eastman Kodak a loan for $ 765 million delivered by the Development Finance Corporation (DFC) to finance the creation of a new brand called Kodak Pharmaceuticals, whose objective will be to produce essential pharmaceutical components that are scarce today due to the pandemic.
« My administration is using the Defense Production Act to provide a $ 765 million loan to support the launch of Kodak pharmaceuticals, » the US president said this week at a press conference, quoted by Europa Press.
For its part, the company with more than a century of history said it will expand its current facilities at its Rochester headquarters, as well as those in St. Paul, Minnesota. In the same way, he added that the new pharmaceutical business will generate 360 direct jobs and 1,200 indirect jobs.
« By leveraging our vast infrastructure, our deep experience in chemical manufacturing, and our heritage of innovation and quality, Kodak will play a critical role in the return of a trusted American pharmaceutical supply chain, » said Kodak CEO Jim Continenza , it’s a statement.
From hell to heaven and … back?
The news has caused, on the one hand, the world to speak of Kodak again, a brand that was synonymous with photographs during the 20th century, but did not know how to adapt to the digital world with the technological change of photographic cameras and the accelerated advance of smartphones, but that today seeks to go from being an almost forgotten legend to a meteoric resurgence.
This is due to the fact that the company’s shares shot up in the stock markets, going from being worth $ 2.62, price with which they closed on Tuesday, July 28, to exceed $ 46 July 29, that is over 1,700 percent of increased value.
However, just as the rise was meteoric, it seems that the decline is also happening, because between Thursday and Friday, Kodak’s shares have lost a large part of the terrain gained, at the close of Friday, July 31, they were at $ 21.85, although it has been a significant loss, it still maintains a gain of over 830 percent in value, this helps the company achieve a capitalization value higher than $ 955 million.
It can be said that Kodak was saved by the closing bell on the NYSE index of the New York Stock Exchange because in the after hours trades its value continued to drop, something that is worrying because, according to a CNBC report , « The operators are betting that the fund is about to fall » … we will have to wait until Monday.
SUBSCRIBE TO PREMIUM CONTENT FOR ONLY $ 299