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Kodak chief commits to US-based manufacturing with $20M Rochester plant
Kodak chief commits to US-based manufacturing with $20M Rochester plant
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Eastman Kodak Co. is readying to open its $20 million manufacturing facility at Eastman Business Park, a move that illustrates the Rochester-based company’s commitment to U.S.-based manufacturing, leaders there say.
Jim Continenza, Kodak’s executive chairman and CEO, said the new facility – part of the company’s Advanced Materials & Chemicals (AM&C) unit – is expected to be online late this year.
The facility – which will manufacture pharmaceutical products – will expand Kodak’s current pharma business into manufacturing FDA-regulated diagnostic test reagents.
Continenza called the AM&C unit the “key to Kodak’s future.”
The investment in the new pharma facility is just one example of the company’s commitment to investing in U.S.-based manufacturing, he said.
Kodak also manufactures all its film products and the world’s fastest inkjet presses in the U.S. and is the last remaining U.S. manufacturer of lithographic printing plates.
“Our commitment to manufacturing in-country gives our customers the highest quality and a more reliable supply and reduces our environmental impact,” Continenza said.
His remarks were made following the company’s release of its first-quarter financial results after markets closed Thursday.
Consolidated revenues for the quarter were $247 million, compared with $249 million for Q1 2024.
Kodak reported a GAAP net loss of $7 million, or 12 cents a share, compared with net income of $32 million, or 31 cents a share, during the same period last year.
“In the first quarter, we continued to focus on key elements of our long-term plan: streamlining our operations, shedding unprofitable businesses and investing in long-term growth initiatives,” Continenza said. “Looking ahead, we will continue to navigate an uncertain short-term business environment by unwavering focus on execution of our long-term plan.”
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