Welcome to our dedicated page for Eastman Chemical Company news (Ticker: EMN), a resource for investors and traders seeking the latest updates and insights on Eastman Chemical Company stock.
Eastman Chemical Company, established in 1920 to supply chemicals for Eastman Kodak, has evolved into a global leader in specialty chemicals. Headquartered in Kingsport, Tennessee, Eastman operates manufacturing sites worldwide and generates most of its revenue outside the United States, particularly in Asian markets.
Eastman specializes in high-margin specialty products, having strategically divested from noncore businesses over the past few years. The company's offerings span a wide array of industries, including transportation, building and construction, consumables, and textiles.
One of Eastman's notable achievements is the development of Naia™ Renew cellulosic fiber, which recently received the Global Recycled Standard (GRS) certification. This innovation showcases Eastman's commitment to sustainability, addressing the challenge of textile waste through molecular recycling technology. Naia™ Renew is produced from 60% sustainably sourced wood pulp and 40% GRS-certified waste materials, setting a new standard for sustainable fashion.
Collaboration plays a crucial role in Eastman's success. The company partners with global leaders and associations to advance sustainable innovations. For instance, Eastman collaborated with Reformation to launch a bridal collection featuring Naia™ Renew ES, a sustainable yarn made from certified recycled content.
Eastman's expertise extends to recycling technologies. The Kingsport facility, one of the world's largest molecular recycling facilities, can recycle 110,000 metric tons annually. This technology contributes significantly to a circular economy by enabling the infinite recyclability of plastic products, thus reducing carbon emissions and conserving resources.
In addition to textile and plastic recycling, Eastman has developed Aventa™ Renew compostable materials, used in collaboration with Sealed Air to create sustainable packaging solutions. These materials are home and industrial compostable, aligning with the circular economy goals of both companies.
Eastman also demonstrates its commitment to sustainability through products like Clearway® de-icer, used by Finland's Finavia to keep runways safe while minimizing environmental impact. The de-icer's biodegradability and low aquatic toxicity ensure it meets stringent ecological standards.
With approximately 14,000 employees worldwide, Eastman continues to innovate and deliver solutions that enhance the quality of life in a material way. The company's 2023 revenue was approximately $9.2 billion, reflecting its strong market presence and dedication to sustainable growth.
For more details, visit Eastman's website.
Eastman Chemical Company (NYSE:EMN) reported strong Q3 2024 results with sales revenue increasing 9% to $2,464 million, primarily driven by 8% higher sales volume/mix across all segments. Earnings per diluted share rose to $1.53, while adjusted EPS reached $2.26. The company maintained its full-year 2024 EPS guidance at $7.50-$7.70. Notable achievements include improved EBIT margin by 360 basis points and return of $195 million to shareholders. The company announced plans to construct a second methanolysis facility in Longview, Texas, while noting some operational challenges at the Kingsport facility.
Eastman Chemical Company has announced the schedule for its third-quarter 2024 financial results release and related events. The company will release its financial results on Thursday, October 31, 2024, at approximately 4:15 p.m. Eastern Time through wire distribution, its website, and an SEC Form 8-K filing.
A live webcast and teleconference will be held on Friday, November 1, 2024, at 8:00 a.m. Eastern Time. Advance slides and prepared remarks will be posted on Thursday evening at investors.eastman.com. Interested parties can join the webcast or dial in to the teleconference using the provided toll-free number and passcode. A pre-registration link is available for faster connection to the teleconference.
A replay of the webcast and teleconference will be available at investors.eastman.com, with the telephone replay accessible until November 11, 2024.
McDonald's has launched a new set of six Collector's Meal cups made with Eastman Tritan™, featuring popular characters like Barbie, Hello Kitty, Minions, and McDonald's own characters. These cups have sparked excitement among collectors and nostalgia seekers, with some reselling for up to $100 on various platforms. The cups' key feature is their infinite reusability, thanks to Tritan's durability, which allows them to withstand repeated washing and accidental drops while maintaining their appearance.
This collaboration between McDonald's and Eastman showcases the practical application of Tritan in creating long-lasting, collectible items. The high resale value and durability of these cups demonstrate the potential for sustainable, reusable products in the fast-food industry.
Subhashini Vashisth, group leader of polymer synthesis and applications at Eastman, has been recognized with the 2023 Technology Rising Star Award at the Women of Color STEM Awards and the YWCA Northeast Tennessee and Southwest Virginia Tribute to Women Award for STEM. With a doctorate in chemical engineering, Vashisth has contributed to process improvement and new polymer growth projects at Eastman over nine years. She actively promotes diversity and inclusion in STEM fields, serving in various leadership roles including former global chair of Catalyst ERG, an Eastman resource group supporting women. Vashisth emphasizes the importance of education, community service, and empowering team members in leadership roles.
Eastman Chemical Company (NYSE:EMN) has announced that its Executive Vice President and Chief Financial Officer, Willie McLain, will address the Morgan Stanley 12th Annual Laguna Conference on September 12, 2024, at 2:35 p.m. PDT. The presentation will be webcast live on the company's investor relations website, investors.eastman.com. For those unable to attend or watch live, an audio replay of the presentation will be made available on the same website under the events & presentations section. This announcement provides investors and interested parties an opportunity to gain insights into Eastman's financial strategies and outlook directly from its CFO.
Eastman introduces sustainable wood coating additives to address environmental challenges in the wood furniture industry. The company's Solus™ performance additives offer eco-friendly solutions without compromising on quality. Key features include:
1. Biobased composition compliant with regulations on materials of concern and VOCs
2. Lower greenhouse gas emissions in production compared to alternatives
3. Biodegradable certifications
4. Solus™ ES contains up to 75% sustainable content, including recycled materials
5. Enhanced performance in UV resistance, yellowing prevention, and processing efficiency
These innovations align with Eastman's focus on mitigating climate change, promoting circularity, and removing materials of concern, providing wood furniture manufacturers a competitive edge in sustainability and product quality.
Norwegian Cruise Line (NCL) has partnered with Drinique to introduce a new sustainable in-room breakfast experience using reusable bento box-style serveware. The new containers, made with 50% certified recycled materials, will replace traditional porcelain dishes and eliminate the need for plastic cling wrap. The serveware is made with Eastman Tritan™ Renew, a durable plastic produced through innovative molecular recycling technologies.
This initiative is part of NCL's Sail & Sustain™ program, aimed at reducing environmental impact. The new serveware will be rolled out across NCL's entire 19-ship fleet by the end of the year, starting with Norwegian Prima® and Norwegian Viva®. This move follows NCL's previous efforts to eliminate single-use plastic straws and water bottles, which have already resulted in the reduction of over 27 million plastic water bottles and 77 million plastic straws.
Eastman Chemical Company (NYSE:EMN) has announced the appointment of Iké Adeyemi as Senior Vice President, Chief Legal Officer and Corporate Secretary, effective Sept. 9, 2024. Adeyemi joins from The Clorox Company, where she served as vice president, corporate secretary, and associate general counsel. She brings extensive global experience across diverse industries and legal disciplines, with a strong focus on corporate governance, SEC reporting, and enterprise risk management.
Prior to Clorox, Adeyemi held leadership positions at BHP Billiton and worked at prestigious law firms. She holds a J.D. from Harvard Law School and an A.B. in History from Harvard University. Eastman, founded in 1920, is a global specialty materials company with 2023 revenue of approximately $9.2 billion and employs about 14,000 people worldwide.
Eastman Chemical Company (NYSE: EMN) has announced the pricing details for its cash tender offer to purchase up to $250,000,000 of its outstanding 3.800% Notes due 2025. The Total Consideration for each $1,000 principal amount of Notes is $993.26, which includes an early tender premium of $30. The offer was fully subscribed by the Early Tender Deadline of August 9, 2024, resulting in a proration factor of 90.28%. The Early Settlement Date is expected to be August 14, 2024. Due to full subscription, Eastman will not accept any Notes tendered after the Early Tender Deadline. The company has retained D.F. King & Co., Inc. as the tender agent and Barclays Capital Inc., J.P. Morgan Securities , and Morgan Stanley & Co. as dealer managers for the Tender Offer.
Eastman Chemical Company (NYSE: EMN) announced the early tender results for its cash tender offer to purchase up to $250,000,000 of its outstanding 3.800% Notes due 2025. As of the Early Tender Deadline on August 9, 2024, $276,887,000 aggregate principal amount of Notes had been validly tendered. Due to oversubscription, the Notes will be purchased on a pro rata basis with a Proration Factor of 90.28%.
The Total Consideration for each $1,000 principal amount of Notes includes an early tender premium of $30. The Early Settlement Date is expected to be August 14, 2024. Since the offer was fully subscribed at the Early Tender Deadline, Eastman will not accept any Notes tendered after this date.
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