The company’s shares soared to the news. After a more than 200% jump in trading on Tuesday, the rally continued on Wednesday.
The New York Stock Exchange suspended trading in shares several times on Wednesday morning, as they gained more than 500% by mid-morning. The stock justified these gains, but by noon it was still almost 300%.
Kodak, once a giant manufacturer of film and cameras before the digital age, was trying to turn itself into a company of materials and chemicals. It filed for bankruptcy in 2012 and emerged as a restructured business the following year.
The company is already producing key materials for some drugs, so its new mission is just to expand that capacity, Kodak CEO Jim Continenza Julia Chatterley said on Wednesday. It will take about three to three and a half years to build new production capacity, he said.
The company will hire about 359 workers, most in New York State, and will create about 1,200 indirect jobs, Continenza Chatterley said.
“We are pleased to return these jobs to New York,” he said.
Even though the company benefited from the use of the STA by the Trump administration, and Continenza praised New York Governor Andrew Cuomo several times during the interview, he said, “I’m not a politician, I’m a businessman, we run the company.”