Eastman Chem Co Stock Price, News & Analysis

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 $2.72 billion, a 28% increase from the prior year, driven by a 19% rise in selling prices. EBIT reached $370 million, contrasting with a loss of $56 million in 3Q20. Earnings per diluted share improved to $2.57 from (1.07) year-over-year. The company anticipates full-year free cash flow nearing $1.1 billion and adjusted EPS between $8.80 and $9.00 for 2021, despite facing supply chain challenges.

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.

Eastman Chemical Company (NYSE:EMN) is set to release its financial results on October 28, 2021, at approximately 4:30 p.m. Eastern Time. Interested investors can access the results via a live webcast and teleconference scheduled for October 29, 2021, at 8:00 a.m. Eastern Time. Key details including advance slides will be shared prior to the call. A replay will be available post-event on their investor relations page. For inquiries, Greg Riddle may be contacted at 212-835-1620.