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 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.
Eastman has launched Fluid Genius, an innovative AI-driven product designed to enhance the performance and lifespan of heat transfer fluids. By leveraging advanced analytics and over 50 years of expertise, this platform offers predictive insights for engineers and operations managers, enabling proactive maintenance strategies.
Fluid Genius aims to minimize unplanned shutdowns and optimize operations across multiple industries, including oil and gas and chemical processing. Available in 10 languages, this cutting-edge tool allows users to monitor fluid conditions effectively and receive tailored maintenance recommendations.
At its annual meeting, Eastman Chemical Company (NYSE:EMN) stockholders reelected directors for one-year terms, approved executive compensation, and ratified the 2021 Omnibus Stock Compensation Plan. The appointment of PricewaterhouseCoopers LLP as independent auditors for 2021 was also ratified. Additionally, stockholders rejected a proposal allowing actions by written consent without a meeting. The final vote totals will be disclosed in a Form 8-K filing with the SEC.
The board of directors of Eastman Chemical Company (NYSE:EMN) has announced a quarterly cash dividend of $0.69 per share on its common stock, scheduled for payment on July 2, 2021. This dividend will be distributed to stockholders of record as of June 15, 2021. Eastman, founded in 1920, specializes in a wide array of specialty materials, contributing significantly to various sectors including transportation and construction, with a 2020 revenue of approximately $8.5 billion.
Eastman Chemical Company (NYSE:EMN) reported a strong first-quarter 2021, with sales revenue reaching $2,409 million, up from $2,241 million in Q1 2020. Earnings per diluted share improved to $1.99, a 5% increase year-over-year. Free cash flow jumped 75% to $125 million. Despite challenges from Winter Storm Uri costing approximately $30 million, the company expects adjusted EPS between $8.25 and $8.75 for 2021 and predicts free cash flow nearing $1.1 billion.
Eastman Chemical Company (NYSE:EMN) will announce its financial results on April 29, 2021, at approximately 4:30 p.m. Eastern Time. A webcast and teleconference will follow on April 30, 2021, at 8:00 a.m. Eastern Time. The event will feature advance slides and prepared remarks, accessible via the company's investor website. A replay of the webcast will be available post-event, with a telephone replay option extending from April 30 to May 10, 2021. For details and connections, visit investors.eastman.com.
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