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Eastman Comments on Hurricane Impact and Third Quarter Results

Petrochemical industry | 27 Sep 2005 IST | Polymerupdate.com
KINGSPORT, Tenn., Sept. 27, 2005 – Eastman Chemical Company (NYSE:EMN) today announced that the company~s Longview, Texas, manufacturing facility had no significant structural damage from Hurricane Rita. No other Eastman North American manufacturing facilities were directly impacted by Hurricanes Katrina and Rita.

The company currently expects the impact of Hurricanes Katrina and Rita, including elevated raw material and energy costs and reduced production in North America, to compress margins despite higher selling prices. However, the company expects third-quarter 2005 earnings per share to be within the current First Call analysts~ range of estimates, which is $1.17 to $1.30 per share.

Eastman manufactures and markets chemicals, fibers and plastics worldwide. It provides key differentiated coatings, adhesives and specialty plastics products; is the world’s largest producer of PET polymers for packaging; and is a major supplier of cellulose acetate fibers. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a FORTUNE 500 company with 2004 sales of $6.6 billion and approximately 12,000 employees.
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