Kodak filed for bankruptcy in 2012. Fujifilm, their closest competitor, had the same problem: digital cameras killed film. Fujifilm's response was to repurpose its chemical expertise. The same particle science that put emulsion on film now produces CMP slurry, the polishing compound that flattens every chip layer to atomic smoothness. Nearly half the world's copper CMP slurry comes from Fujifilm. They spent $700 million acquiring a high purity process chemicals business from Entegris and built a new plant in Kumamoto, right next to TSMC's first Japanese fab. Revenue target for electronic materials by 2030: $3.3 billion. While Kodak saw a dying business, Fujifilm saw the chemistry underneath.