Eastman Chemical Co  (EMN)
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Eastman Chemical Co Segments

Additives & Functional Products
   24.72 % of total Revenue
Adhesives & Plasticizers
   12.53 % of total Revenue
Advanced Materials
   25.63 % of total Revenue
Specialty Fluids & Intermediates
   23.98 % of total Revenue
   13.14 % of total Revenue

Business Segments (Sep. 30. 2015)
(in millions $)
III. Quarter
(of total Revenues)
(Sep. 30. 2015)
(in millions $)
III. Quarter
(Profit Margin)
Additives & Functional Products
602.00 24.72 % 126.00 20.93 %
Adhesives & Plasticizers
305.00 12.53 % 74.00 24.26 %
Advanced Materials
624.00 25.63 % 98.00 15.71 %
Specialty Fluids & Intermediates
584.00 23.98 % 48.00 8.22 %
320.00 13.14 % 102.00 31.88 %
2,435.00 100 % 448.00 18.4 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (Sep. 30. 2015)
Y/Y Revenue
III. Quarter
Q/Q Revenue
(Sep. 30. 2015)
Y/Y Income
III. Quarter
Q/Q Income
Additives & Functional Products
31.44 % -2.27 % 240.54 % 5.88 %
Adhesives & Plasticizers
-12.1 % -3.79 % 42.31 % 17.46 %
Advanced Materials
3.31 % -3.55 % 28.95 % -27.41 %
Specialty Fluids & Intermediates
-10.15 % -9.03 % -46.67 % -42.17 %
-7.51 % 7.02 % -8.93 % 9.68 %
1.25 % -3.41 % 22.07 % -9.13 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Eastman Chemical Co's Additives & Functional Products, Adhesives & Plasticizers, Advanced Materials, Specialty Fluids & Intermediates, Fibers, Total segment. Select each division with the arrow.

  Eastman Chemical Co's

Business Segments Description

Eastman Division consists of the Coatings, Adhesives, Specialty Polymers, and Inks ("CASPI") segment, the Performance Chemicals and Intermediates ("PCI") segment and the Specialty Plastics ("SP") segment. Voridian Division contains the Polymers segment and the Fibers segment. Developing Businesses Division contains the Developing Businesses segment.


Through the CASPI segment, Eastman Division manufactures binders, liquid vehicles, pigment concentrates and additives, unsaturated polyester resins and polyester and acrylic emulsions, which are integral to the production of paints and coatings, inks and graphic arts, adhesives and other formulated products. The CASPI segment focuses on producing raw materials rather than finished products in order to develop long-term, strategic relationships and achieve preferred supplier status with its customers.

· Products

The CASPI segment manufactures raw materials, additives and specialty polymers, primarily for the paints and coatings, inks and graphic arts, adhesives and other markets. The CASPI segment's products consist of:

Ø Coatings Additives and Solvents

Additives, such as cellulosic polymers, TexanolÔ ester alcohol and chlorinated polyolefins, enhance the performance and aesthetic appeal of paints and coatings. These products are used in architectural latex paints and industrial and automotive OEM / refinish coatings to improve film formation and durability, metallic flake orientation, and adherence to plastic substrates. Solvents, which consist of ester, ketone, glycol ether and alcohol solvents, are used in both paints and inks to maintain the formulation in liquid form for ease of application. Environmental regulations that impose limits on the emission of hazardous air pollutants continue to impact coatings formulations requiring compliant coatings raw materials. Eastman’s coatings additives and solvents are used primarily in compliant coatings, such as waterborne (latex) and high solids coatings, and additional products are under development to meet the growing demand for environmentally friendly paints.

Ø Resins and Monomers

Resins and monomers products are sold primarily to the paint and coatings industry in such applications as architectural, industrial and original equipment manufacturer ("OEM"). The Company is the second largest merchant supplier of coatings resins in North America and Europe with the most comprehensive product offerings in the industry. The Company’s products include solvent-borne polymers (alkyd, polyester, and solution acrylics), waterborne polymers (latex and other waterborne polymers), resins and curatives for powder coatings (carboxyl, hydroxyl, and curing agent) and radiation-curable polymers and acrylic monomers (acrylic acid and esters of acrylic acid). In addition, these products are used in other industries such as textiles, construction, and personal care.

Ø Adhesives Raw Materials

The adhesives product line consists of hydrocarbon resins, rosins resins, resin dispersions, and polymer raw materials. These products are sold to adhesive formulators and tape and label manufacturers for use as raw materials in hot melt and pressure sensitive adhesives and as binders in nonwoven products (such as disposable diapers, feminine products and pre-saturated wipes). Eastman has a leadership position in hydrogenated gum rosins used in adhesive and chewing gum applications. Eastman offers the broadest product portfolio of raw materials for the adhesives industry, ranking as the second largest global supplier.

Ø Inks and Graphic Arts

Inks and graphic arts products consist of pigments, resins, liquid components and additives, used in inks formulation for a variety of substrates and printing processes to offer such performance enhancement as durability, printability, adhesion to substrate, drying speed and security. The end use applications include brochures, newspapers, magazines, beverage cans and flexible packaging. The Company is the leading merchant supplier of ink resins in the world.

· Strategy

A key element of the CASPI segment growth strategy is the continued development of innovative product offerings, building on proprietary technologies, in high-growth markets and regions that meet customers’ evolving needs and improve the quality and performance of customers’ end products. Eastman Division believes that its ability to leverage its broad product line and research and development capabilities across this segment make it uniquely capable of offering a broad array of solutions for new and emerging markets.


The Company’s PCI segment manufactures diversified products that are used in a variety of markets and industrial and consumer applications, including chemicals for agricultural intermediates, fibers, food and beverage ingredients, photographic chemicals, pharmaceutical intermediates, polymer compounding and chemical manufacturing intermediates. The PCI segment also offers custom manufacturing services through its custom synthesis business. The Company believes it has one of the industry’s broadest product offerings, ranging from custom manufacturing to high volume manufacturing of complex organic molecules for customers.

Because a portion of the PCI segment's sales are derived from higher margin, highly specialized products with niche applications, success in the PCI segment will require the Company to continue to innovate and develop new products and find new applications for its existing products. PCI intends to target high-growth specialty products, such as additives for food, personal care and pharmaceuticals, where it believes the highest returns can be generated. PCI is also concentrating its efforts on new uses for existing products, such as sucrose acetate isobutyrate ("SAIB") and specialty anhydrides. Some of Eastman Division's other products in this segment are more substitutable and price sensitive in nature, requiring the Company to operate on a lower cost basis while maintaining high quality products and customer service.

· Products

The PCI segment offers over 150 products to customers, many of whom are major producers in a broad range of markets. The following is a summary of key products:

Ø Intermediates Chemicals

Eastman manufactures a variety of intermediates chemicals based on oxo and acetyl chemistries. Sales in all regions are generated through a mix of the Company’s direct sales force and a network of distributors. The Company is the largest marketer of acetic anhydride in the United States, a critical component of analgesics and other pharmaceutical and agricultural products, and is the only U.S. producer of acetaldehyde, a key intermediate in the production of vitamins and other specialty products. Eastman manufactures the broadest range of oxo aldehyde derivatives products in the world. The PCI segment’s other intermediate products include plasticizers, glycols and polymer intermediates. Many of the products in this portion of the PCI segment are priced based on supply and demand of substitute and competing products. In order to maintain a competitive position, the Company strives to operate with a low- cost manufacturing base. Intermediate chemicals sales revenue is approximately 18% acetyl based, 30% oxo based, and 52% other intermediate chemicals.

Ø Performance Chemicals

Eastman manufactures complex organic molecules such as diketene derivatives, specialty ketones, and specialty anhydrides for fiber and food and beverage ingredients, which are typically used in market niche applications. The Company also engages in custom manufacturing of complex organic chemicals where business is developed on a customer-by-customer basis after significant consultation and analysis. These niche and custom manufacturing products are typically priced based on the amount of value added rather than supply and demand factors. The Company also owns proprietary technology for the production of epoxybutene ("EpBÔ") oxirane, an intermediate with growing use in pharmaceuticals and other small volume, high-value specialty products. Additionally, performance chemicals produces nonanoyloxybenzenesulfonate ("NOBS") bleach activator for a key customer.


A two-pronged strategy for success in the PCI segment focuses on continuing to develop and access markets with high-growth potential for the Company’s performance chemicals, while maintaining its competitive advantage as a low-cost, high quality and customer service oriented supplier of products to other chemicals customers. The Company engages in customer focused research and development initiatives in order to develop new products and find additional applications for existing products, both in response to, and in anticipation of, customer needs. The Company believes that this strategy will enable it to remain a leader in application-specific, higher margin PCI products. For example, Eastman has been successful in developing new applications for some of its existing PCI products such as SustaneÔ SAIB, which has long been used as a coatings additive and for inks end uses and has new applications in the U.S. as a stabilizer in citrus flavored drinks. Food and Drug Administration regulations now allow the use of SAIB for this application. In the future, the Company expects to continue to capitalize on applications such as these in biotechnology and in other industries, and intends to seek to create additional opportunities to apply its products in new and innovative ways.



The SP segment produces highly specialized copolyesters and cellulosic plastics that possess unique performance properties for value-added end uses such as appliances, store fixtures and displays, building and construction, electronic packaging, medical devices and packaging, personal care and cosmetics, performance films, tape and labels, biodegradeables, fibers/nonwovens, photographic and optical film, graphic arts and general packaging.

Specialty copolyester products within the SP segment, including modified specialty copolyesters such as EastarÔ and SpectarÔ, have higher than industry average growth rates. Eastman’s specialty copolyesters, which generally are based on Eastman's market leading supply of cyclohexane dimethanol ("CHDM") modified polymers, typically fill a market position between polycarbonates and acrylics. While polycarbonates traditionally have had some superior performance characteristics, acrylics have been less expensive. Specialty copolyesters combine superior performance with competitive pricing and are taking market share from both polycarbonates and acrylics as their performance characteristics continue to improve and their pricing remains competitive. The specialty copolyesters market also includes environmentally friendly specialty copolyesters and plastic sheeting that allow for flexibility in designing signs and displays.

The SP segment also includes cellulosic plastics, which has historically been a steady business with strong operating margins for the Company, and also includes what Eastman believes is a market-leading position in North American cellulose esters for tape and film products and cellulose plastics for molding applications.

Eastman has the ability within its SP segment to modify its polymers and plastics to control and customize their final properties, creating numerous opportunities for new application development, including the expertise to develop new materials and new applications starting from the molecular level in the research laboratory to the final designed application in the customer’s plant. In addition, the SP segment has a long history of manufacturing excellence with strong process improvement programs providing continuing cost reduction. Manufacturing process models and information technology systems support global manufacturing sites and provide monitoring and information transfer capability that speed up the innovation process.

· Products

The SP segment’s key products are:

Ø Engineering and Specialty Polymers

Engineering and specialty polymers include a broad line of polyesters, copolyesters, alloys, and cellulosic plastics that are sold to a diverse and highly fragmented customer base in numerous market segments on a global basis. Approximately 50% of the revenues from engineering and specialty polymers are generated in North America. Sales in all regions are generated through a mix of the Company’s direct sales force and a network of distributors. Engineering and specialty polymers products are sold into three sectors: durable goods (components used in appliances and to a lesser degree, automobiles); medical goods (disposable medical devices, healthcare equipment and instruments, and pharmaceutical packaging); and personal care and consumer goods (housewares, cosmetics, tools, toys and a variety of other uses).

Engineering and specialty polymers products are heavily specification-driven. The Company works with original equipment manufacturing companies to enable product designers to design polymers for a specified use in a specified product. Although the average life cycle of many of these products is shrinking over time, the Company works to identify uses for the polymers in products that will have multi-year lives. In working with original equipment manufacturing companies on new consumer product designs, new polymer products are often developed for use in a particular type of end-use product. There are numerous variations of polymer products sold under ten different trade names.

The Company competes in market niches requiring polymers with combinations of clarity, toughness and chemical resistance.

Ø Specialty Film and Sheet

The key markets for specialty film and sheet are packaging, displays, and building and construction.

Direct customers are film and sheet producers, but extensive marketing activities target customers in end-use markets. The Company is a major supplier of resins to the specialty film and sheet markets, but with less than 10% of the global specialty film and sheet market, substantial growth opportunities exist for Eastman. The growth strategy is to penetrate new market segments or geographies and offer a substitute for other materials by providing an improved or lower cost solution or design flexibility that enhances the growth potential of the company’s customers.

Specialty film and sheet is sold in the packaging markets including medical and electronic component trays, shrink label films and multilayer films. Copolyester use in these markets is relatively mature with the exception of shrink label films. Competitive materials in these markets are typically PET polymers, PVC and polystyrene. Eastman’s primary brands for these markets are EastarÔ and EmbraceÔ copolyesters.

In the display market, SpectarÔ copolyester is marketed primarily for point of purchase displays including indoor sign and store fixtures. EastarÔ copolyester is marketed into the graphics market. Copolyester use in these markets is expected to grow above market rates. Competitive materials in these markets are typically PET polymers, PVC, polymethylmethacrylate ("PMMA"), and PC.

The building and construction market is a new focus for specialty film and sheet beginning with KelvxÔ resin for the sign market. The Company plans to seek a number of new opportunities within this market. The use of copolyester in these markets is expected to grow significantly above market rates. Competitive materials in these markets are typically PMMA and PC.

Ø Packaging, Film and Fiber

Packaging, film and fiber products, include a range of specialty polymer products for markets such as photographic, optical film, biodegradable food service packaging and industrial film, nonwovens and tapes/labels. Customers are typically manufacturers of film and fiber products, employing a range of processing technologies, including film and sheet melt extrusion, thermoforming, solvent casting, fiber extrusion and extrusion coating. These films and fibers products are further converted to produce value-added products, such as photographic film, adhesive tape, or nonwoven articles, which are sold as branded items. Products include cellulose esters, copolyesters, specialty polyesters and concentrates/additives.


The SP segment is focused on innovation and marketing and, within the past three years, has commercialized over 20 new products. Eastman Division believes that the continued differentiation of its current offerings and introduction of new products will provide access to previously underserved markets, such as its introduction of polymers with higher heat resistance and products designed to be environmentally friendly. Additionally, the SP segment develops product enhancements in order to respond to specific market needs, and expects this to result in increased market penetration for existing products. The SP model of innovation leverages a unique and growing portfolio of cellulosics and specialty copolyesters, such as Embrace for shrink film, Provista for retail displays, Durastar for cosmetic and household applications, and Kelvx resin for higher temperature sheet applications. This product portfolio is focused on substitution for other materials, such as PC, acrylic, or PVC, in applications that require clarity, toughness and chemical resistance.


PET polymers production is vertically integrated back to the raw material paraxylene for a substantial majority of its capacity. Voridian’s PET polymers for packaging product line is the world’s largest based on capacity share; is the most global based on manufacturing sites; and is the broadest based on formula diversity. PET polymers for packaging are used in a wide variety of products including carbonated soft drinks, water, beer, personal care items and food containers that are suitable for both conventional and microwave oven use. Voridian has PET polymers manufacturing sites in the United States, Mexico, Argentina, Great Britain, Spain and the Netherlands. In addition, Voridian has contract manufacturing arrangements at two sites in Asia. Voridian competes primarily in North America, Latin America and Europe. The PE product lines are manufactured entirely in the United States and have a relatively small market share.

· Products

Ø PET Polymers

PET polymers are used in beverage and food packaging and other applications such as custom-care and cosmetics packaging, health care and pharmaceutical uses, household products and industrial. PET polymers offer fast and easy processing, superb clarity, excellent colorability and color consistency, durability and strength, impact and chemical resistance and high heat stability.


The Polymers segment also offers a PE product line manufactured in the United States including LDPE and LLDPE. The LLDPE products are produced using the Company’s proprietary EnergxÔ manufacturing technology for gas-phase polyethylene production. Voridian PE products are used primarily for extrusion coating, film and molding applications.

· Strategy

Ø Growth

Voridian intends to capitalize on the growth in the PET polymers industry with timely and efficient capacity additions including debottlenecking existing production processes, asset expansions, contract-manufacturing arrangements and manufacturing alliances. This smart growth strategy will rely on continuous process technology improvements from the efficient use of research and development.


The Fibers segment manufactures Estron acetate tow and Estrobond triacetin plasticizers, which are used primarily in cigarette filters; Estron and Chromspun acetate yarns for use in apparel, home furnishings and industrial fabrics; and acetate flake and acetyl raw materials for other acetate fiber producers. Voridian is one of the world’s two largest suppliers of acetate tow and has been a market leader in the manufacture and sale of acetate tow since it began producing the product in the early 1950’s.

Voridian’s long history and experience in the fibers markets are reflected in its operating expertise, both within the Company and in support of its customers’ processes. Voridian’s expertise in internal operating processes allows it to achieve a consistently high level of product quality, a differentiating factor in the industry. Further, Voridian’s fully integrated facilities allow it to reduce its dependence on necessary petrochemicals from third parties. Voridian management believes that all of these factors combine to make it a leader in performance and cost position.

Voridian’s high-quality products, technical expertise and superior customer service in the Fibers segment are its key competitive strengths. Voridian’s industry knowledge and knowledge of its Fibers segment customers’ processes allow it to assist its customers in maximizing their processing efficiencies, promoting repeat sales and mutually beneficial, long-term customer relationships. Voridian’s scale, strong customer base, long-standing customer relationships and expert technical service contribute to its market-leading position. Voridian’s goal is to build on these strengths to improve its strategic position.

· Products

Voridian’s main products in the Fibers segment are acetate tow, acetate yarn, and acetyl chemical products.

Ø Acetate Tow

Voridian manufactures acetate tow to customer specifications which are used to produce various filtration patterns for cigarettes.

Ø Acetate Yarn

Voridian is a market leader offering over 300 types of acetate yarn. Chromspun and Estron acetate yarns are used in apparel, home furnishings and industrial applications. Voridian acetate yarn products have characteristics that allow for highly efficient mill processability. From a retail customer’s perspective, garments containing Estron and Chromspun yarns have a silky feel, rich color, supple drape, breathability and comfort. Chromspun acetate yarn is available in more than 70 colors.

Ø Acetyl Chemical Products

Voridian’s acetyl chemicals are primarily comprised of acetate flake as part of its highly integrated production chain, along with acetylation-grade acetic acid and acetic anhydride for other acetate fiber producers. In addition, Voridian manufactures triacetin plasticizers for use by cigarette manufacturers as a bonding agent in cigarette filters.

Developing Businesses Segment

The Developing Businesses segment includes new businesses and certain investments in non-traditional growth opportunities that leverage the Company’s technology expertise, intellectual property and know-how into business models that extend to new customers and markets. The segment includes, among other new and developing businesses, Cendian Corporation ("Cendian"), a logistics provider for chemical companies; Ariel Research Corporation ("Ariel"), a provider of international chemical and regulatory compliance solutions for environmental, health and safety operations; and Eastman’s Gasification Services, a provider of consulting and operations services to third-party gasification plant operators.

Ø Cendian Corporation

Launched by the Company in 2000, Cendian is an Eastman subsidiary that markets a complete logistics solution for small to mid-sized chemical manufacturers. By streamlining and automating logistics business processes, Cendian enables its customers to focus on their core business and reduce operational and capital expenses. Cendian supports substantially all of the Company's worldwide logistics requirements, as well as those of other chemical manufacturers under multi-year agreements. Cendian leverages state-of-the-art technologies with the Company's long standing distribution and logistics capabilities and strong reputation and brand in the chemicals industry to transport chemicals for its customers from their source location to any destination in the world via all modes of transportation.

Ø Ariel Research Corporation

In January 2002, Eastman acquired Ariel Research Corporation ("Ariel"). Ariel, headquartered in Bethesda, Maryland, is a leading provider of worldwide regulatory information and software products that enable corporations to manage product safety and stewardship functions, including requirements for workplace, environmental, and dangerous goods compliance. Ariel’s comprehensive product offerings arise from its over 14 year history of delivering improvement protocols for environmental, health and safety operations and from the successful delivery of quality and efficient improvements to environmental, health and safety operations. Its customers include major global corporations in the chemical, pharmaceutical and consumer products markets.

Ø Eastman Gasification Services

The Company has launched a service business to assist owners of gasification plants, including those built as an alternative clean technology for power generation. Recognized as an industry leader in reliability and efficiency of gasification operations, Eastman has operated a coal gasification plant in Kingsport, Tennessee for approximately 20 years. The Company has leveraged its expertise in gasification by offering operations and maintenance services to third party gasification facilities. In the fourth quarter of 2002, the Company entered into a cooperative agreement with Texaco Development Corporation, a wholly- owned subsidiary of ChevronTexaco Corporation, that enables the Company to provide operation, maintenance, management and technical services, as well as parts fabrication and sales, for gasification plants of Texaco Development licensees.


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