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Investing.com -- Eastman Kodak Co (NYSE:KODK) stock rose 4% as the company advances plans to expand its specialty chemicals and pharmaceutical-related product lines while maintaining its legacy businesses, according to WXXI News.
The Rochester-based company is investing "tens of millions of dollars" to outfit a new lab and manufacturing facility at Eastman Business Park, scheduled to open in 2025. The facility will focus on pharmaceutical components and reagents used in medical testing, according to CEO Jim Continenza in an interview with WXXI.
Continenza emphasized the importance of domestic manufacturing, particularly for pharmaceutical components. "COVID taught us a few things. Every country looks out for themselves first," he said, highlighting the vulnerabilities in U.S. supply chains exposed during the pandemic.
While diversifying into new sectors, Kodak continues to maintain its traditional film business, which Continenza described as profitable despite representing a smaller portion of overall revenue than in the company’s heyday. The company recently initiated a temporary shutdown of a Rochester film manufacturing facility to modernize its air handling system and coating machine equipment.
Chief Technical Officer Terry Taber noted that the facility produces a variety of products including "motion picture films, still films, for consumers, industrial films; all the films that we make, the films for printed circuit boards."
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