The surge in stock price pushed Kodak’s market value to $347 million as of Tuesday’s close.
soared on Tuesday after President Donald Trump announced a deal to work with the photography pioneer to produce ingredients in generic drugs in response to the coronavirus pandemic.
"Our 33rd use of the Defense Production Act will mobilize Kodak to make generic, active pharmaceutical ingredients," Trump said in a press conference Tuesday evening. "We will bring back our jobs and we will make America the world's premier medical manufacturer and supplier." The company said it will expand existing facilities in Rochester, New York and St. Paul, Minnesota under a new Kodak Pharmaceuticals arm.
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