July 30 (New York) - Shares of Eastman Kodak have jumped 2440% in one week to take the company's valuation to USD 2 billion. The jump came after the Company won a government loan to help produce ingredients used in key generic medicines to fight the corona-virus.
Kodak shares tripled on Tuesday on news of a $765 million loan to shift part of its factories to produce drug ingredients.
The Company was devastated by the shift to digital photography and filed for bankruptcy in 2012. Company's shares were trading at $1.5 before the news of the shift to chemical business from Camera company was announced. Shares closed today at $ 33.20 after rising 318% in today's trading session in New York.
The Company was founded in 1892 and employed 145,000 people during its hay-days in the 1980's. This Company brought photography to the masses and the brand name KODAK is synonymous with photography world-wide. Now the Company is transforming into a Chemicals Company.
reporting for easykobo.com on Wednesday, July 29 2020 from Lagos, Nigeria