Eastman Chemical Company - EMN STOCK NEWS

Eastman (NYSE: EMN) and Interzero have signed a long-term supply agreement for Eastman's upcoming molecular recycling facility in Normandy, France. Interzero will supply up to 20,000 metric tonnes of hard-to-recycle PET household packaging waste per year. The facility aims to recycle 160,000 tonnes of polyester waste annually and is expected to be operational by 2025. This partnership aims to address the plastic waste crisis by enhancing recycling capabilities through innovative chemical recycling methods.

Eastman Chemical Company (NYSE:EMN) has appointed Travis Smith as Senior Vice President of Additives & Functional Products, effective October 10, 2022. Smith, who joined Eastman in 1992, has significant leadership experience, previously serving as Division President for Films. He replaces Lucian Boldea, who is leaving for another opportunity. CEO Mark Costa praised Smith’s experience and contributions to Eastman's transformation strategy. In 2021, Eastman reported revenues of approximately $10.5 billion.

Eastman (NYSE: EMN) has entered a partnership with Ethicon, part of Johnson & Johnson MedTech, to supply Eastman Renew materials for medical device sterile-barrier packaging. This collaboration aims to reduce plastic waste in healthcare and promote sustainability. Ethicon will utilize Eastar™ Renew 6763 copolyester, which maintains the performance standards of traditional materials while enabling diversion of waste from landfills. The initiative seeks to achieve 25% waste diversion of total packaging production, with an aspirational goal of 50% by the end of 2023.

Eastman Chemical Company (NYSE:EMN) has updated its third-quarter 2022 financial outlook, projecting adjusted earnings per share (EPS) at approximately $2.00, down from $2.46 in the same quarter of 2021. The expected decline is attributed to reduced demand in consumer durables and construction, logistics challenges on the U.S. East Coast, and operational delays following an electricity outage. Rising natural gas prices and a stronger U.S. dollar are also impacting costs. Eastman is raising prices to counteract higher expenses and will announce full financial results on October 27.

Eastman Chemical Company (NYSE:EMN) announced that Willie McLain, Senior Vice President and Chief Financial Officer, will speak at the Credit Suisse Specialties & Basics Conference on September 13, 2022, at 9:30 a.m. ET. The presentation will be available via live webcast on investors.eastman.com. A replay will also be accessible after the event. This conference is aimed at discussing the company's strategic initiatives and financial outlook.

Eastman has received two prestigious Brandon Hall Group Gold awards for excellence in learning programs. The awards recognize their Inclusive Leadership training and Life Cycle Assessment training. Evaluated by independent industry experts, these awards highlight Eastman’s commitment to effective training that supports their business strategy. Senior VP Perry Stuckey noted that this acknowledgment reflects the company's growth and evolving training initiatives aimed at improving outcomes. The awards will be presented at the HCM Excellence Conference from Jan. 31 to Feb. 2, 2023.

The Board of Directors of Eastman Chemical Company (NYSE:EMN) has appointed Eric L. Butler as a director. Butler, formerly an Executive Vice President and Chief Administrative Officer at Union Pacific Corporation, brings extensive corporate management experience from his 32-year career. He has held various leadership roles, enhancing operational efficiency and strategic planning. His diverse skills are anticipated to bolster Eastman’s innovation-driven growth model. The company reported approximately $10.5 billion in revenue for 2021.

The Board of Directors of Eastman Chemical Company (NYSE:EMN) declared a quarterly cash dividend of $0.76 per share.

This dividend is payable on Oct. 7, 2022, to stockholders recorded as of Sept. 15, 2022. Founded in 1920, Eastman is a global specialty materials company with 2021 revenue of approximately $10.5 billion, employing around 14,000 people worldwide.

Eastman Chemical Company (NYSE:EMN) reported strong financial results for Q2 2022, with revenue rising 15% to $2,784 million and adjusted EPS increasing 15% year-over-year to 2.83. The company reaffirmed its full-year adjusted EPS guidance at $9.50-$10.00, citing robust growth in specialty businesses and effective price increases to offset raw material cost pressures. Highlights include significant sales growth in Additives & Functional Products (+27%) and Chemical Intermediates (+17%). Operating cash flow for the first half was $262 million, down from $642 million in the previous year.