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MarketScreener Homepage  >  Equities  >  Nyse  >  Eastman Chemical Company    EMN

EASTMAN CHEMICAL COMPANY

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Eastman Chemical : 2020, Nov 17 - Gruppo Maip, Eastman partner on sustainable automotive materials

11/17/2020 | 09:09am EST

Specialty formulations to deliver biobased and molecular-recycled content

KINGSPORT, Tenn., USA, Nov. 17, 2020 - Eastman and Gruppo Maip, a leading international plastics formulator and compound producer based in Turin, Italy, have announced a partnership to formulate new sustainable polymer solutions for automotive interior applications. It will enable an exclusive portfolio of formulations based on Eastman's Advanced Circular Recycling technology, offering a range of both biobased and molecular-recycled content solutions with Eastman Tritan™ Renew copolyester and Trēva™ Renew engineering bioplastic.

'This partnership allows us to develop breakthrough specialty plastic formulations for automakers to meet their aggressive targets for sustainable content and replacement of petroleum-based materials,' said Eligio Martini, president of Gruppo Maip. 'Through Eastman's circular recycling technologies, OEM manufacturers will now be able to specify content and recycled-content plastics in critical Class A components, such as molded-in-color interior trim.'

Tritan Renew is powered by Eastman's polyester renewal technology and delivers up to 50% certified recycled content* diverted from post-consumer and postindustrial waste streams. Unlike mechanically recycled plastics, Tritan Renew offers the same high performance as virgin plastics.

Trēva Renew offers up to 48% biobased content sourced from sustainably managed forests and is certified by the USDA's BioPreferred® program. In addition, Trēva™ Renew benefits from carbon renewal technology that uses mixed waste plastic, providing an additional 23% certified recycled content* as an alternative to polycarbonate, ABS and PC-ABS.

'Gruppo Maip is the right strategic partner to help bring new sustainable polymer formulations to the automotive industry,' said Scott Ballard, Eastman's vice president and general manager of specialty plastics. 'They're a company with formulation expertise, strong relationships with manufacturers and, above all, a deep commitment to sustainability. Together, we're looking forward to bringing a new level of sustainability to the automotive industry.'

Visit eastman.eco to find out more about Eastman's advanced recycling technologies.

*Via its Advanced Circular Recycling technologies, Eastman produces circular products that are certified by the International Sustainability and Carbon Certification (ISCC) by mass balance allocation.

About Eastman
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. For more information, visit www.eastman.com.

Eastman in the circular economy
In 2019, Eastman became the first company to begin commercial-scale molecular recycling for a broad set of waste plastics that would otherwise be landfilled or, worse, wind up in the environment. Eastman Advanced Circular Recycling technologies will be able to process waste plastics traditional mechanical recycling methods cannot-including polyesters, polypropylene, polyethylene, and polystyrene-derived from a variety of sources, including single-use plastics, textiles, and carpet. These technologies provide a true circular solution of endless recycling for materials, allowing them to be reused repeatedly.

About Gruppo Maip
Gruppo Maip has been a leader in the plastics market for more than 40 years. The company's innovation-driven growth model is focused on R&D and sales of specialty materials for technical applications. Maip Compounding, the compounding company of the group, develops a wide range of high-tech engineered thermoplastic materials with a focus on speciality colors and technical solutions requiring filled and reinforced custom formulation development. A constant commitment to research for innovative technical solutions that can promote the use of environmentally friendly thermoplastic materials is a fundamental objective and capability for the Gruppo Maip companies. For more information, visit www.maipsrl.com.

Disclaimer

Eastman Chemical Company published this content on 17 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2020 14:08:05 UTC


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Financials (USD)
Sales 2020 8 396 M - -
Net income 2020 641 M - -
Net Debt 2020 5 018 M - -
P/E ratio 2020 21,4x
Yield 2020 2,49%
Capitalization 14 198 M 14 198 M -
EV / Sales 2020 2,29x
EV / Sales 2021 2,08x
Nbr of Employees 14 500
Free-Float 61,2%
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Mark J. Costa Chairman & Chief Executive Officer
William T. McLain Chief Financial Officer & Senior Vice President
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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