Eastman Chem Co Stock Price, News & Analysis

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.

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.