The company’s shares have skyrocketed on the news. The rally has continued on Wednesday after a jump of over 200% in Tuesday’s trade.
The New York Stock Exchange halted trading in the shares several times on Wednesday morning, as they had gained more than 500% by mid-morning. The stock has surpassed those gains, but was still around 300% noon.
Kodak, once a huge manufacturer of film and cameras before the digital age, was ready to transform itself into an AA materials and chemical company. It filed for bankruptcy in 2012 and emerged the following year as a restructuring business.
The company already makes key ingredients for some pharmaceuticals, so its new mission is an extension of that capability, Kodak CEO Jim Continja told CNN’s Julia Chatley on Wednesday. He said that it would take about three to three and a half years to build new production capacity.
The company employs some 359 workers, most of them in New York State, and creates about 1,200 indirect jobs, Continja told Chatterley.
“We’re excited to bring those jobs back to New York,” he said.
Even though the company has benefited from the use of the DPA by the Trump administration and during the interview Contininja praised New York Governor Andrew Cuomo several times, he said “I’m not political, I’m a businessman, we run a company.” “