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 announced an investment to upgrade its extrusion capabilities at the Springfield, Massachusetts facility. This enhancement aims to meet the rising global demand for Saflex® polyvinyl butyral (PVB) products in the automotive and architectural sectors. The project will enable the production of advanced PVB products, including thicker gauges and tri-layer formulations. Completion is expected by Q4 2021. According to Travis Smith, this investment aligns with the company's innovation-driven growth strategy and commitment to high-quality interlayer products.
Eastman Chemical Company (NYSE:EMN) announced that Senior VP and CFO Willie McLain will speak at the JP Morgan Industrials Conference on March 15, 2021, at 8:00 a.m. ET. The presentation will be accessible via a live webcast on the company's investor relations website.
Additionally, an audio replay of the event will also be available for those unable to attend live, providing further insights for investors and stakeholders.
The board of directors of Eastman Chemical Company (NYSE:EMN) has declared a cash dividend of $0.69 per share on its common stock. This dividend is payable on April 5, 2021, to stockholders of record as of March 15, 2021. Founded in 1920, Eastman is a global specialty materials company with 2020 revenues of approximately $8.5 billion. The company focuses on innovation and sustainability while serving customers in over 100 countries, employing about 14,500 people.
Eastman (NYSE: EMN) has been ranked No. 27 on Barron’s 2021 list of the Most Sustainable Companies in the U.S. This ranking is based on a comprehensive analysis of large U.S. firms across various sustainability criteria by Barron’s and Calvert Research. Eastman aims for carbon neutrality by 2050 and plans to recycle over 500 million pounds of plastic waste by 2030. The company also focuses on achieving gender parity and promoting racial equity. This recognition follows a previous ranking by The Wall Street Journal in October as one of the Most Sustainably Managed Companies.
Eastman Chemical Company (NYSE:EMN) announced that Mark Costa, Board Chair and CEO, will present at the Barclays Industrial Select Virtual Conference on February 16, 2021, at 1:30 p.m. ET. The presentation will focus on key updates for the company and its future direction within the industry. Investors can access the live webcast at investors.eastman.com and will also have the opportunity to listen to an audio replay post-event.
Eastman Chemical Company (NYSE:EMN) has appointed Vanessa L. Allen Sutherland to its Board of Directors. She currently serves as Executive Vice President and Chief Legal Officer at Norfolk Southern Corporation and has extensive experience in environmental compliance and public policy. Mark Costa, CEO, expressed confidence in her ability to contribute to Eastman's transformation into a leading material innovation company. Allen Sutherland's background includes significant roles in government and industry, enhancing the board's diverse skill set.
Eastman Chemical Company (NYSE:EMN) announced plans to establish a major plastic-to-plastic recycling facility in Kingsport, Tennessee, in partnership with Governor Bill Lee. The $250 million investment aims to convert over 100,000 metric tons of unrecyclable polyester waste into premium specialty plastics using methanolysis technology. This facility is expected to reduce greenhouse gas emissions by 20-30% and plays a crucial role in Eastman's commitment to recycling over 500 million pounds of plastic waste annually by 2030. The facility is projected to be operational by the end of 2022.
Eastman Chemical Company (NYSE:EMN) reported its fourth-quarter and full-year 2020 financial results, revealing fourth-quarter sales revenue of $2,186 million, slightly down from $2,205 million in 2019. Full-year sales revenue decreased 8.6% to $8,473 million. Adjusted earnings per share for 2020 were $6.15, compared to $7.13 in 2019. The company generated over $1 billion in free cash flow for the fourth consecutive year. Looking ahead, Eastman anticipates a 20-30% increase in adjusted EPS for 2021, driven by innovation and cost management strategies.
Eastman Chemical Company (NYSE:EMN) has announced its upcoming financial results release scheduled for January 28, 2021, at approximately 4:30 p.m. Eastern Time. This will be followed by a webcast and teleconference on January 29, 2021, at 8:00 a.m. Eastern Time. Shareholders and analysts can access the live session and replay through the company's website. Key details, including an advance slide presentation, will be available prior to the events, enabling stakeholders to stay informed about the company's financial position.
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