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 (NYSE: EMN) has partnered with USAMP and PADNOS for a feasibility study on recycling automotive plastic waste. The initiative targets automotive shredder residue (ASR), which comprises 10%–20% of end-of-life vehicles and typically ends up in landfills. By using ASR as feedstock, Eastman aims to produce new materials through its molecular recycling technology. This project, expected to yield energy savings and reduce greenhouse gas emissions, aligns with USAMP's sustainability goals, addressing the 5–7 million tons of ASR generated annually in the U.S.
The Eastman Q2 2021 financial results teleconference has been rescheduled to start at 9:00 a.m. ET on August 3, 2021, instead of the previously announced 8:00 a.m. ET. The financial results will be released on August 2, 2021, at approximately 4:30 p.m. ET. Interested parties can access the teleconference via a live webcast or by dialing in. The webcast replay will also be available after the event. For more details, visit www.eastman.com.
Eastman Chemical Company (NYSE:EMN) will release its financial results on August 2, 2021, around 4:30 PM ET. A webcast and teleconference will be held the following day, August 3, 2021, at 8:00 AM ET. Investors can access the advance slides and prepared remarks on the company's investor relations webpage. A replay of the webcast will be available after the call.
One Rock Capital Partners has signed an agreement to acquire Eastman Chemical Company's tire additives business, a leader in specialty chemicals for the tire industry. This strategic acquisition aims to enhance product offerings and boost growth as an independent entity. With over 500 employees and seven production locations, Eastman's tire additives business specializes in key products like insoluble sulfur. The transaction is expected to finalize in the second half of 2021, pending regulatory approvals.
Eastman Chemical Company (NYSE:EMN) has agreed to sell its rubber additives business, including Crystex™ and Santoflex™, for $800 million to One Rock Capital Partners. The deal comprises $725 million in cash and up to $75 million based on post-closing performance. Expected to be neutral or accretive to adjusted EPS in 2022, the transaction aims to enhance Eastman’s Additives & Functional Products segment. The sale is anticipated to close in the second half of 2021, subject to regulatory approvals. Financial advisors for the deal include Credit Suisse and JP Morgan.
Eastman Chemical Company (NYSE:EMN) has announced significant changes in its executive leadership, including the retirement of Mark K. Cox, who served for over 35 years. He will remain in his role until his retirement in 2022. Stephen G. Crawford is promoted to Executive Vice President, taking over manufacturing and engineering responsibilities. Additionally, Julie A. McAlindon and Dr. Christopher M. Killian have joined the Executive Team as Senior Vice Presidents, focusing on supply chain and technology respectively. These changes aim to strengthen Eastman's innovation-driven growth strategy.
Eastman Chemical Company (NYSE:EMN) will present at the Deutsche Bank Basic Materials Conference on June 9, 2021, at 9:00 a.m. ET. Senior VP and CFO Willie McLain will lead the discussion, which can be accessed via a live webcast on investors.eastman.com. The presentation will also be available later as an audio replay on the same website, providing investors with further insights into the company's strategies and performance in the basic materials sector.
LVMH Perfumes & Cosmetics has partnered with Eastman (NYSE: EMN) to utilize Eastman's molecular recycling technologies for sustainable packaging. The collaboration marks a significant step in LVMH's goal to eliminate fossil-fuel-based plastics, beginning with the Dior Addict Lip Maximizer packaging containing 30% certified recycled content. This initiative aligns with LVMH's LIFE 360 program, targeting zero virgin fossil resource plastic use in the future. Eastman's advanced recycling technologies help brands meet recycled content goals while ensuring the quality expected by luxury consumers.
Eastman (NYSE: EMN) is expanding its capacity to produce Naia filament yarn by 30% by mid-2021 and over 50% by the end of 2022 at its Barcelona site. This increase aims to meet the rising customer demand for sustainable fibers, particularly in womenswear fashion. According to Burt A. Capel, vice president and general manager of fibers, sustainability is becoming a key market driver. The company reported revenues of approximately $8.5 billion in 2020 and focuses on innovative, sustainable solutions in the materials market.
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