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) has finalized the sale of its global tire additives business to One Rock Capital Partners for $800 million. The deal includes $725 million in cash and additional performance-based payments of up to $75 million through 2023. This sale encompasses key rubber additives such as Crystex™ insoluble sulfur and Santoflex™ antidegradants. The transaction marks a strategic shift for Eastman, allowing it to focus on its core specialty materials offerings while benefiting from the cash influx.
Eastman Chemical Company (NYSE:EMN) reported record third-quarter 2021 sales revenue of
Eastman Chemical Company (NYSE:EMN) has finalized a $1 billion agreement to sell its adhesives resins business to Synthomer plc. This business is included in Eastman’s Additives & Functional Products segment and includes multiple resin product lines. The sale price reflects an 11x multiple of the business's trailing twelve-month adjusted EBITDA. Eastman anticipates the transaction will be neutral to adjusted earnings per share for 2022. The deal, pending regulatory approvals, is expected to close in Q1 2022.
Stanley Black & Decker (SWK) and Eastman (EMN) have announced a partnership to enhance sustainability in the power tools sector. The BLACK+DECKER brand will launch the reviva line in early 2022, featuring power tools made with Eastman's Tritan Renew copolyester, which contains 50% certified recycled content. This initiative supports both companies' ESG strategies aimed at reducing greenhouse gas emissions and promoting circularity in materials. The reviva line will also focus on eco-friendly packaging and battery recycling programs.
Eastman (NYSE:EMN) ranks No. 21 on Fortune's 2021 Change the World list for its advanced recycling technologies that address the plastic waste crisis. The company aims to recycle over 250 million pounds of plastic waste annually by 2025 and over 500 million pounds by 2030. These innovations contribute to its commitment to become carbon neutral by 2050, with a target of achieving one-third of that goal by 2030. Eastman is also constructing the world's largest polyester molecular recycling facility in Kingsport, Tennessee, expected to be complete by late 2022.
Eastman Chemical Company (NYSE:EMN) is set to release its financial results on October 28, 2021, at approximately 4:30 p.m. Eastern Time. Interested investors can access the results via a live webcast and teleconference scheduled for October 29, 2021, at 8:00 a.m. Eastern Time. Key details including advance slides will be shared prior to the call. A replay will be available post-event on their investor relations page. For inquiries, Greg Riddle may be contacted at 212-835-1620.
Eastman Chemical Company (NYSE:EMN) will be represented by Senior Vice President and CFO Willie McLain at the Credit Suisse Virtual Basic Materials Conference on September 14, 2021, at 8:45 a.m. ET. The presentation will be available via live webcast on the company’s investor relations website, with an audio replay accessible afterward. This conference serves as a platform for Eastman to engage with investors and discuss business insights in the basic materials sector.
The board of directors of Eastman Chemical Company (NYSE:EMN) has declared a quarterly cash dividend of $0.69 per share on its common stock. This dividend will be payable on October 1, 2021, to stockholders of record as of September 15, 2021. Founded in 1920, Eastman is a global specialty materials company with 2020 revenues of approximately $8.5 billion.
Eastman Chemical Company (EMN) reported its second-quarter 2021 results, showing a 38% increase in sales revenue to $2.653 billion, compared to $1.924 billion in Q2 2020. Adjusted earnings per diluted share rose to $2.46. However, EBIT showed a loss of $56 million due to rising costs. The company expects full-year adjusted EPS between $8.80 and $9.20 and free cash flow exceeding $1.1 billion. Eastman also announced the sale of its tire additives business for $800 million.
Eastman has partnered with Procter & Gamble to enhance recycling solutions and reduce reliance on virgin plastic packaging. This collaboration aims to implement Eastman Renew materials in select P&G products, promoting a circular economy. Both companies will work on initiatives to improve recycling infrastructure in the U.S., focusing on hard-to-recycle plastics. Eastman plans to construct a major plastic-to-plastic recycling facility in Kingsport, Tennessee, set to complete in 2022, utilizing over 200 million pounds of landfill-bound plastic annually.
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