Eastman to Keep Wales Fine Chemicals Plant, Continues Exploring Options for Hong Kong Facility.Business Editors KINGSPORT, Tenn.--(BUSINESS WIRE)--Aug. 17, 2001 Eastman Chemical Company Eastman Chemical Company is a United States based chemical company, engaged in the manufacture and sale of chemicals, plastics and fibers. Eastman has 16 manufacturing sites in 10 countries, supplying its products throughout the world. (NYSE NYSE See: New York Stock Exchange :EMN EMN Equity Market Neutral (investing) EMN École Nationale de la Magistrature (French National School for the Training of Judges and Prosecutors) EMN Electromagnetic Noise ) today announced that it has ended its efforts to sell the company's Peboc fine chemicals plant located in Llangefni, Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , but will continue to evaluate options concerning its fine chemicals plant in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , China. The global chemical company has been evaluating options for both of these plants as part of its previously announced ongoing restructuring of its fine chemicals business. "Eastman will now work toward making our manufacturing facility in Llangefni, Wales, as profitable and as successful as possible by focusing on value-creating growth opportunities with our pharmaceutical and other customers," said Earnest W. Deavenport, Jr., chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . In addition to serving the pharmaceutical industry, Eastman's Peboc plant also manufactures fine chemicals intermediates for use in the nutrition and cosmetics industries. "Eastman's restructuring strategy is on improving our cost structure while focusing on growth opportunities," said J. Brian Ferguson, president of Eastman's chemicals group. According to Ferguson, the Peboc facility provides Eastman with a strong base from which to leverage its technical expertise in complex organic synthesis. "The Peboc plant will broaden the range of specialty organic chemicals product lines in our performance chemicals and intermediates business and will play a key role in leveraging our new chiral chi·ral adj. Of or relating to the structural characteristic of a molecule that makes it impossible to superimpose it on its mirror image. chi·ral chemistry technologies," he said. "During these past several months as we have evaluated this part of our business, employees at both the Wales and Hong Kong facilities have done an outstanding job in continuing to focus on delivering quality products to customers and developing customer solutions for new business opportunities," said Ferguson. With headquarters in Kingsport, Eastman manufactures and markets chemicals, fibers and plastics. The company has approximately 16,500 employees in 30 countries and had 2000 sales of $5.3 billion. For more information about Eastman and its products, visit www.eastman.com. |
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