Eastman Chemical

#1497

Rank

$10.36B

MarketCap US

US United States

Country

Summary
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins. It serves transportation, personal care, wellness, food, feed, agriculture, building and construction, water treatment, energy, consumables, durables, and electronics markets. Its Advanced Materials segment provides copolyesters, cellulosic biopolymers, cellulose esters, polyvinyl butyral (PVB) sheets, and window and protective films, and aftermarket applied film products for value-added end uses in the transportation, durables, electronics, building and construction, medical and pharma, and consumables markets. The company's Chemical Intermediates segment offers methylamines and salts higher amines and solvents; Olefin and acetyl derivatives, ethylene, and commodity solvents; and primary non-phthalate and phthalate plasticizers, and niche non- phthalate plasticizers to the industrial chemicals and processing, building and construction, health and wellness, and agrochemicals. Its Fibers segment provides cellulose acetate tow, triacetin, cellulose acetate flake, acetic acid, and acetic anhydride for use in filtration media primarily cigarette filters; natural and solution dyed acetate yarns for use in consumables, and health and wellness markets; and wet-laid nonwoven media, specialty and engineered papers, and cellulose acetate fibers for transportation, industrial, agriculture and mining, and aerospace markets. Eastman Chemical Company was founded in 1920 and is headquartered in Kingsport, Tennessee.

History

Early years

An effect of World War I was a scarcity in raw materials such as photographic paper, optical glass, gelatin and many chemicals, including methanol, acetic acid and acetone. After the war ended, Eastman Kodak founder George Eastman began working to have an independent supply of chemicals for his photographic processes. His search for suitable quantities of methanol and acetone led him to the southern United States.

In 1920, Tennessee Eastman was founded with two major platforms – organic chemicals and acetyls. Products such as calcium acetate, sodium acetate, acetic acid, and acetic anhydride became the basis for the company’s platforms.

During World War II, RDX, a powerful explosive, was manufactured for the U.S. government at Holston Ordnance Works at Tennessee Eastman sites. At the peak of production near the end of the war, the ordnance plant was producing a million and a half pounds of explosives each day. Tennessee Eastman was responsible for managing the Y-12 National Security Complex at Oak Ridge, Tennessee which produced enriched uranium for the Manhattan Project, from 1943 to May 1947.

In 1960, there was an explosion at Eastman's Kingsport plant. It occurred in the Aniline production, 16 people were killed with many more being injured.

Since the 1980s

In 1983, Eastman opened the first commercial coal gasification facility in the United States at its Kingsport plant site to produce chemicals from syngas rather than petroleum. The "Chemicals from Coal Facility" at the Kingsport plant was recognized as a National Historic Chemical Landmark by the American Chemical Society in 1995.In 1994, Eastman was spun off from Eastman Kodak and became an independent corporation.

In early 2005, Eastman broke ground on the first world-scale manufacturing facility using IntegRex, a technology that reduces the number of intermediate process steps in producing PET resin. This technology is now owned by DAK Americas.

Since 2000, Eastman, and its many subsidiaries have paid more than $82 million in EPA fines.

In July 2012, Eastman completed its acquisition of Solutia Inc., a manufacturer of performance materials and specialty chemicals, for $4.8 billion.In December 2014, Eastman completed its acquisition of Taminco Corporation for $2.8 billion.

October 2017 explosion

On the morning of October 4, 2017, an explosion occurred at its Kingsport Plant around the coal gasification building. In April 2018, the Tennessee Department of Environment and Conservation determined the cause to be a valve blockage due to slurry or debris intrusion.

Circular Economy

In 2019, Eastman began commercial-scale chemical recycling for a broad set of waste plastics that would otherwise be placed in a landfill or incinerated. Eastman Advanced Circular Recycling technologies complement mechanical recycling by processing a wide spectrum of waste plastics that traditional recycling methods cannot, including polyesters, polypropylene, polyethylene, and polystyrene. These waste plastics are derived from a variety of sources, including single-use plastics, textiles, and cuttings from discarded carpet. Eastman's recycling technologies - carbon renewal technology and polyester renewal technology - provide a true circular solution of infinite recycling for materials, allowing them to be reused repeatedly. Eastman began commercial operation of carbon renewal technology in October 2019 at the company's largest manufacturing facility in Kingsport, Tenn. In 2020, Eastman will use carbon renewal technology to recycle millions of pounds of polyester carpet that would otherwise have been placed in a landfill.In January 2021, Eastman announced plans to build a methanolysis plant that will convert polyester waste into durable products. The company expects to spend approximately $250 million to build the facility. When completed by the end of 2022, the methanolysis plant will use over 100,000 metric tons of plastic waste that cannot be recycled by current mechanical methods to produce premium, high-quality specialty plastics made with recycled content.

In January 2022, Eastman announced it would invest up to $1 billion in a material-to-material molecular recycling facility in France that would use Eastman's polyester renewal technology to recycle up to 160,000 tons annually of plastic waste. The plant is expected to be operational by 2025.


Mission
Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability.

Vision
We envision a world with a growing population and a need for increased resources. By driving innovations and providing solutions grounded in sustainability and safety, Eastman is working to shape a better future and improve quality of life.

Key Team

Mr. Stephen Glenn Crawford (Exec. VP of Manufacturing & Chief Sustainability Officer)

Ms. Michelle R. Stewart (VP, Chief Accounting Officer & Controller)

Dr. Christopher Moore Killian Ph.D. (Sr. VP & CTO)

Mr. Gregory A. Riddle (VP of Investor Relations & Communications)

Ms. Kellye L. Walker (Exec. VP & Chief Legal Officer)

Mr. Perry Stuckey III (Chief HR Officer & Sr. VP)

Mr. J. P. Kuijpers (MD of EMEA Region & Global Procurement Director)


Recognition and Awards
Eastman has been named a Global 100 Most Sustainable Corporation, a Fortune 100 Best Companies to Work For, and a Maclean’s Top 100 Corporate Cultures.

References
Eastman Chemical
Leadership team

Mr. Mark J. Costa (Chairman & CEO)

Mr. William Thomas McLain Jr. (CFO & Sr. VP)

Mr. Brad A. Lich (Exec. VP & Chief Commercial Officer)

Products/ Services
Advanced Materials, Chemical, Health Care, Manufacturing
Number of Employees
1,000 - 20,000
Headquarters
Kingsport, Tennessee, United States
Established
1920
Company Registration
SEC CIK number: 0000915389
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
EMN
Social Media
Wed Feb 28 2024
About

businessabc offers a global business, SMEs wiki directory blockchain, NFTs, AI powered marketplace for businesses worldwide.

Follow Us
Produced by
In collaboration with
Logo

Copyright 2023 © businessabc powered by ztudium