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MarketScreener Homepage  >  Equities  >  Nyse  >  Eastman Chemical Company    EMN

EASTMAN CHEMICAL COMPANY

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Eastman Chemical : 2020, Oct 13 - Marchon Eyewear, Inc. partners with Eastman to be the first to produce and sell eyewear made with Eastman's sustainable acetat

10/13/2020 | 09:00am EST

NEW YORK, NY, OCTOBER 13, 2020 - Today, Marchon Eyewear, Inc., one of the world's largest manufacturers and distributors of quality eyewear and sunwear,announced an industry-first partnership withEastman, a global specialty materials company. Marchon will be the first eyewear company to produce and sell frames using Eastman Acetate Renew, a fully sustainable material that will be used in Marchon's proprietary and licensed brands frames.

'We are very proud to announce our partnership with Eastman,' said Nicola Zotta, President and CEO of Marchon Eyewear, Inc. 'As the first eyewear manufacturer to collaborate with Eastman, this relationship will be beneficial for us, as it will significantly reduce waste and greenhouse gas emissions, while maintaining our commitment to safety and sustainability without compromising the quality of our frames.'

Eastman will use their innovative carbon renewal technology, a process which is capable of recycling some of the most complex plastic waste, including non-polyester plastics and mixed plastics that cannot be recycled with conventional recycling technologies. Through Eastman's innovative recycling technology, the scrap from Marchon's manufacturing of acetate frames can be diverted from landfills and used to produce new sustainable acetate for premium eyewear.

Acetate Renew, produced via Eastman's innovative carbon renewal technology, is made from bio-based and certified* recycled materials and provides three key benefits to Marchon Eyewear.

  • Sustainable material with lower carbon footprint- meeting consumers' demand for more sustainable fashion. In addition to having approximately 40% certified recycled content and 60% bio-based content, Acetate Renew reduces greenhouse gas emissions and fossil fuel usage compared to traditional acetate.
  • Less landfill waste- Typically, 80% of material used in sheet acetate frame production is scrap. Instead of being landfilled, the scrap will now be returned to Eastman and recycled by Eastman into new material, creating a circular production process.
  • Identical Performance- Unlike other sustainable alternatives, Acetate Renew is indistinguishable from classic acetate, assuring wearers of the high quality and premium styles they expect from Marchon Eyewear.

The new circular manufacturing process for frames made with Acetate Renew begins when scrap and mixed waste acetate are sent to Eastman, instead of being disposed of in a landfill. The recovered scrap is recycled through Eastman's innovative carbon renewal process, which breaks down the scrap into its molecular building blocks that are in turn used to create new acetate with high levels of certified* recycled content. The result is new acetate that is identical in performance to standard acetate, allowing Marchon to create high-quality eyewear frames for its collection of premium, lifestyle and performance brands.

'This collaboration with Marchon marks a significant milestone for advancing a circular economy for the eyewear industry,' said Scott Ballard, vice president and general manager for Eastman Specialty Plastics. 'With Acetate Renew, Eastman combines its 80-year history of material innovations for eyewear with technologies that help ensure the industry's sustainability in the 21st century. We are proud to join with Marchon to introduce eyewear made of 100% sustainable material produced using advanced recycling technologies.'

Eastman's Acetate Renew is a cellulose diacetate composed of 60% biobased and 40% certified recycled content. The look and feel of the new eyewear will be identical to that of Marchon's current frame collections, delivering the same admirable quality customers have come to expect from Marchon, while also offering significant sustainability benefits.

Beginning in 2021, Marchon will begin to produce acetate sunglasses and ophthalmic frames by using Eastman's Renew materials, further asserting Marchon's commitment to social responsibility and bringing more sustainable practices to the eyewear industry.

About Marchon Eyewear, Inc.

Marchon Eyewear, Inc. is one of the world's largest manufacturers and distributors of quality eyewear and sunwear. The company markets its products under prestigious brand names including: Calvin Klein, Chloé, Columbia, Diane von Furstenberg, DKNY, Donna Karan, Dragon, Flexon, Karl Lagerfeld, Lacoste, Lanvin, Liu Jo, Longchamp, Marchon NYC, Marni, MCM, Nautica, Nike, Nine West, Pure, Salvatore Ferragamo, Skaga and Victoria Beckham. Marchon Eyewear distributes its products through a global network of subsidiaries and distributors, serving over 80,000 accounts in more than 100 countries. Marchon Eyewear is a VSP Global® company, which is a doctor governed organization focused on connecting its 88 million members to affordable, accessible, high quality eye care and eyewear. For more information, visit www.marchon.com and follow @marchoneyewear.

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. For more information, visit  eastman.com.

About Eastman in the circular economy

In 2019, Eastman began commercial-scale molecular recycling for a broad set of waste plastics that would otherwise be landfilled or incinerated, or worse, end up in the environment. Eastman Advanced Circular Recycling technologies 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. For more information, visit eastman.eco.

* 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.

# # #

DOWNLOAD IMAGES: https://marchon.box.com/s/j6qw7mg66dt97jfbwzgrntjf82kaej3c

PHOTO CREDIT: Nicola Zotta and Acetate Milling Images - Courtesy of Marchon Eyewear,

Scott Ballard - Courtesy of Eastman

MEDIA CONTACTS:

Marchon Eyewear, Inc.Eastman

Paige Cali, VP Global Eyewear Communications Laura Mansfield, APR

+1-212-293-9789The Tombras Group

pcali@marchon.com+1-865-599-9968

Disclaimer

Eastman Chemical Company published this content on 13 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2020 12:59:05 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 8 381 M - -
Net income 2020 642 M - -
Net Debt 2020 4 993 M - -
P/E ratio 2020 20,1x
Yield 2020 2,67%
Capitalization 13 303 M 13 303 M -
EV / Sales 2020 2,18x
EV / Sales 2021 1,99x
Nbr of Employees 14 500
Free-Float 61,1%
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 95,12 $
Last Close Price 98,18 $
Spread / Highest target 16,1%
Spread / Average Target -3,12%
Spread / Lowest Target -13,4%
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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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