Attached files
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| EX-99.01 - BEAUMONT DISCONTINUATION PRESS RELEASE - EASTMAN CHEMICAL CO | ex99_01pressrelease.htm |
UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported):
December 3, 2009
EASTMAN
CHEMICAL COMPANY
(Exact
Name of Registrant as Specified in Its Charter)
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Delaware
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1-12626
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62-1539359
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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200 South
Wilcox Drive, Kingsport, TN
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37662
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(423) 229-2000
(Registrant’s
Telephone Number, Including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item
2.06 Material Impairment
On
December 3, 2009, Eastman Chemical Company decided to discontinue its Beaumont,
Texas industrial gasification project. The text of the company’s release
announcing this decision, including the facts and circumstances leading to the
decision, is filed as Exhibit 99.01 to this Form 8-K and is incorporated herein
by this reference. As previously reported, at September 30, 2009 approximately
$230 million of the company’s assets were land, capitalized front-end
engineering and design, methanol and ammonia assets, intangible assets, and
goodwill related to the Beaumont, Texas gasification project. As a result
of the decision to discontinue the project, the company will in
the fourth quarter 2009 recognize a pre-tax non-cash charge for the
impairment of these assets estimated to be between $150 million-$180
million.
Item
9.01 Financial Statements and Exhibits:
(d)
Exhibits
The
following exhibit is furnished pursuant to Item 9.01:
99.01
Public release by the registrant on December 9,
2009 of discontinuation of Beaumont, Texas, Industrial Gasification
Project.
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EASTMAN
CHEMICAL COMPANY - EMN
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Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
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Eastman
Chemical Company
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By: /s/Scott
V. King
Scott V. King
Vice President, Controller and Chief Accounting Officer
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Date: December
9, 2009
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