Faded photo giant Kodak gets $765m for drug business

first_imgWhile Americans consume about 40 percent of the components used to make generic pharmaceuticals worldwide, only about 10 percent of those are made in the country’s borders, the DFC said.”We are pleased to support Kodak in this bold new venture,” DFC Chief Executive Adam Boehler said. “Our collaboration with this iconic American company will promote health and safety at home and around the world.” Kodak, once a giant in the world of photography whose business has struggled in recent years as cell phones have replaced cameras and film, will expand its existing facilities in Rochester, New York and St. Paul, Minnesota.The company said the new pharmaceutical business will support 360 direct jobs and 1,200 indirectly. “By leveraging our vast infrastructure, deep expertise in chemicals manufacturing and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain,” the company’s Executive Chairman Jim Continenza said in the statement.The DFC loan is the first to be made after President Donald Trump in May signed an executive order aimed at encouraging domestic production of materials needed to fight COVID-19. Erstwhile photo giant Eastman Kodak will launch a new business manufacturing pharmaceuticals amid the coronavirus pandemic, using a $765 million government loan, the company announced Tuesday.The loan from  the US International Development Finance Corporation (DFC) will fund the creation of Kodak Pharmaceuticals, which “will produce critical pharmaceutical components that have been identified as essential but have lapsed into chronic national shortage,” the agency said in a statement.The firm, which signed a “letter of interest” with the DFC on Tuesday, will produce “up to 25 percent of active pharmaceutical ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals.” center_img Topics :last_img read more


Spaces suited to extended family

first_img8 Rupertswood Drive, Alice River.Harcourts Kingsberry selling agent Malcolm Thomson said Alice River had remained popular among buyers.“If you look at the area, values have held reasonably well out there where other places in Townsville have dropped as much as 25 per cent,” he said.“In Alice River, you have a newer section and an older section so you have a really wide range in term of the quality of properties.“Alice River was originally set up as an acreage so people could have horses there.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“In the newer area, you have more 1-acre blocks but in the older areas the properties are larger.”The home also has a separate unit which would make the perfect base for elderly parents, extended family or adult children still living at home.The kitchen has been renovated and features plenty of bench space as well as a large, five-door pantry. 8 Rupertswood Drive, Alice River.WITH six bedrooms and 4744sq m of land, this Alice River property would make the perfect home for a family in search of plenty of space and tranquillity.The property on 8 Rupertswood Drive will go to auction on October 3.The rural paradise was originally constructed by a builder for his own family.An array of sheds on the property can accommodate everything from boats, mobiles homes, cars and tractors. 8 Rupertswood Drive, Alice River.The home will be open for inspection today from 1.30pm to 2.30pm before going to auction at the Harcourts Charters Towers Rd office on October 3 at 6pm.For information, call Malcolm Thomson on 0400 545 664.center_img 8 Rupertswood Drive, Alice River.The main bedroom has an ensuite and walk-in wardrobe while the three queen-size bedrooms have built in wardrobes.The large resort-style pool also has a spa, waterfall and pagoda.Mr Thomson said the property would appeal to buyers in search of a tranquil, semirural lifestyle close to amenities with Willows Shopping Centre only a 10-minute drive away.“You have a fair mixture of people out there from professionals to people who have businesses that they run from home,” he said.“It’s very much a family orientated area and it’s also a great community out there with lots of people knowing each other.”last_img read more


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