Kodak stock triples after getting $765M PDA loan

Business

(CNN Newsource) — Kodak stock tripled Tuesday after securing a US government loan for 765 million dollars to manufacture pharmaceutical ingredients.

The loan is the first of its kind under the Defense Production Act.

It’s part of an effort to reduce dependence on foreign drug makers.

Trade adviser Peter Navarro says Kodak has a long history working with fine chemicals.

He predicts Kodak will end-up making about 25 percent of active ingredients used in generic drugs sold in the US.

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