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MarketScreener Homepage  >  Equities  >  Nyse  >  Eastman Chemical Company    EMN

EASTMAN CHEMICAL COMPANY

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Eastman Chemical : 2020, Mar 31 - In response to COVID-19, Eastman rapidly produces material for needed face shields

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03/31/2020 | 05:31pm EDT

KINGSPORT, Tenn., USA, Monday, March 31 - As part of the world's collective effort to respond to the coronavirus pandemic, Eastman recently partnered with the Tennessee Higher Education Commission (THEC) and Austin Peay State University to support the local production of 10,000 protective face shields for medical personnel in the state capital of Nashville.

The partnership comes after THEC informed Eastman they had used and exhausted all the local supply of acetate sheet - the large, clear plastic shield that attaches to the headband - from local retailers. Together, the goal is to produce 10,000 face shields in two weeks using 3D printers at colleges and universities around the state.

'The Eastman team that made this happen has my thanks, and I find this work and numerous other efforts like it happening around the world to be inspiring,' said Steve Crawford, Eastman's chief technology and sustainability officer. 'The need here is very real and life-changing. Health care workers are in dire need of help as they are on the front lines of battling COVID-19, and I'm proud to be part of an Eastman team that always steps up when help is needed.'

On March 25, Eastman donated enough rolls of PETG film, a copolyester commonly used for rigid medical packaging and medical devices, to produce 10,000 face shields. Eastman teams worked over the weekend to ensure that in four days, THEC had the materials needed to continue with the project.

'We are so proud of how our state, community, and workers are rallying together to help each other during this difficult time,' said Crawford. 'At Eastman, we will continue to aid in relief efforts in our communities.'

Face shields have become an essential tool for protecting personnel in medical fields and others on the front lines of battling the epidemic. The shields protect people from droplets produced by coughing and sneezing and can help prevent workers from touching their faces.

In addition to contributing to the THEC collaboration, Eastman employees around the globe are playing a critical role in other relief efforts. Eastman's films operation in Martinsville, Va., is rapidly producing film to partner with Patrick Henry Community College and quickly get 500 face shields developed, produced and into the hands of medical personnel in Virginia. Other Eastman teams, including in Brazil and Europe, are contributing to similar efforts. In Brazil, Eastman donated PETG material for face shields, and in Europe, the company has donated resins to customers that are making hand sanitizer instead of cosmetics.

About Eastman
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company's innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. The company had 2019 revenues of approximately $9.3 billion and is headquartered in Kingsport, Tennessee, USA. Learn more at www.eastman.com

Media contact

Brad Lifford
Eastman Chemical Company
Corporate Communications
+1 423-229-6543/ blifford@eastman.com

Disclaimer

Eastman Chemical Company published this content on 31 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2020 21:30:01 UTC

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Financials (USD)
Sales 2020 8 168 M - -
Net income 2020 778 M - -
Net Debt 2020 4 793 M - -
P/E ratio 2020 13,1x
Yield 2020 3,74%
Capitalization 9 506 M 9 506 M -
EV / Sales 2019
EV / Sales 2020 1,75x
Nbr of Employees 14 500
Free-Float 61,4%
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Mean consensus BUY
Number of Analysts 18
Average target price 72,61 $
Last Close Price 69,98 $
Spread / Highest target 22,9%
Spread / Average Target 3,76%
Spread / Lowest Target -25,7%
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Managers
NameTitle
Mark J. Costa Chairman & Chief Executive Officer
William T. McLain Chief Financial Officer
Mark K. Cox Chief Manufacturing & Engineering Officer, SVP
Stephen G. Crawford Chief Technology Officer & Senior Vice President
David Wayne Raisbeck Independent Director
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