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Eastman Announces Plan to Restructure Fine Chemicals
18-04-2001: As part of its previously
announced business portfolio changes, which included plans to
divest or restructure a portion of its fine chemicals business,
Eastman Chemical Company (NYSE:EMN) today announced it is
restructuring its fine chemicals business, while continuing to evaluate
options regarding its facilities in Wales and Hong Kong.
Eastman currently has fine chemicals manufacturing facilities in Batesville, Ark.; Kingsport, Tenn.; Llangefni, Wales; and Hong Kong, China.
“We have been unable to come to terms with interested buyers for our entire fine chemicals business,” said Earnest W. Deavenport, Jr., chairman and CEO. “We will now focus on restructuring this business in line with our other specialty chemicals businesses, while we continue to evaluate options with respect to our Wales and Hong Kong operations.”
According to Brian Ferguson, president of Eastman’s chemicals group, the fine chemicals business will be consolidated into the performance chemicals and intermediates business organization. As part of the restructuring, Eastman will retain ownership of its Arkansas facility and will continue operating the Tennessee portion of this business, but will continue to evaluate options regarding its operations in Wales and Hong Kong.
“Our Arkansas facility is a modern plant with the latest technology, skilled employees and a supportive community,” Ferguson said. “These fundamental strengths will be a significant advantage in making this facility a successful part of our specialty chemicals businesses.”
Costs related to restructuring the fine chemicals business could result in a charge to earnings later this year.
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