Technology
What’s behind Kodak’s pivot to pharmaceuticals? – CNBC
Last month, the U.S. government announced a letter of interest to provide Kodak with a $765 million loan to manufacture pharmaceutical ingredients. The deal is now on hold as the SEC investigates the circumstances around the loan’s disclosure.
Kodak used to be king when it came to cameras and film. In 1976, Kodak had a near monopoly of the U.S. photography market, accounting for 90% of film and 85% of camera sales, according to The Economist.
But the move to digital photography in the early 2000s hit the company hard. Ironically, Kodak actually invented the first digital camera back in 1975, but at the time, film was the company’s golden egg and executives were hesitant to change. In 2012, Kodak filed for chapter 11 bankruptcy.
Kod…
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