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.
The Board of Directors of Eastman Chemical Company (NYSE: EMN) has declared a quarterly cash dividend of $0.76 per share, marking a 10% increase from the previous dividend of $0.69. This dividend will be payable on January 7, 2022, to stockholders of record as of December 15, 2021. This decision reflects the Board's confidence in the company's capacity for earnings growth and strong cash flow generation, aligning with Eastman's ongoing commitment to return cash to stockholders.
Eastman Chemical Company (NYSE:EMN) will host an Innovation Day on December 7, 2021, for industry analysts to discuss the company's innovation progress and sustainability initiatives. The event will take place both virtually and in person in New York City, running from 8:30 a.m. to 12:00 p.m. EST. Key executives, including CEO Mark Costa and other top officials, will present insights on how the company is leveraging a circular economy to drive growth. A live webcast and presentation slides will be available online.
Eastman (NYSE: EMN) has been recognized at the Women’s Forum of New York’s 2021 Breakfast of Corporate Champions for achieving 36% female representation on its board of directors. This notable achievement positions Eastman as a leader in promoting gender diversity in corporate leadership. CEO Mark Costa stated their commitment to gender parity across all professional levels by 2030. The initiative aims to drive change from the top, focusing on advancing women's leadership in corporate boards.
On November 1, 2021, One Rock Capital Partners completed the acquisition of Eastman Chemical Company's tire additives business, now named Flexsys. This transaction marks One Rock's sixth corporate carve-out in 2021 and emphasizes their commitment to operational improvements. The Flexsys management team will collaborate with One Rock to enhance growth and establish the company as a strong independent entity. Legal counsel was provided by Latham & Watkins LLP, while RBC Capital Markets acted as financial advisor.
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.
FAQ
What is the current stock price of Eastman Chemical Company (EMN)?
What is the market cap of Eastman Chemical Company (EMN)?
What does Eastman Chemical Company specialize in?
What is Naia™ Renew?
How does Eastman contribute to sustainability?
Where is Eastman Chemical Company headquartered?
What is the Global Recycled Standard (GRS) certification?
How does Eastman support the circular economy?
What are some recent collaborations of Eastman?
How many employees does Eastman have?
What is Eastman's revenue?
What is Clearway® de-icer?
