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| 8-K - FORM 8-K ITEM 2.06 BEAUMONT IMPAIRMENT - EASTMAN CHEMICAL CO | item2_06beaumontimpair.htm |
Eastman
Announces Discontinuation of Beaumont, Texas, Industrial Gasification
Project
Company
will continue to explore global industrial gasification growth
opportunities
KINGSPORT,
Tenn., Dec. 9, 2009 – Eastman Chemical Company announced today that it has
decided to discontinue its Beaumont, Texas, industrial gasification
project. This decision was made due to a number of factors, including high
capital costs, the current and foreseen reduced spread between natural gas and
oil and petroleum coke prices, and continued uncertainty regarding U.S. energy
and environmental public policy. As a result of this decision, the company
will recognize a pre-tax non-cash asset impairment charge estimated to be
between $150 million-$180 million in the fourth quarter 2009.
“Even
though it is no longer advantageous for Eastman to pursue this project, we will
continue to explore global industrial gasification opportunities as a long-term
growth option for the company,” said Jim Rogers, president and CEO.
Rogers
added, “Eastman is committed to being an outperforming chemical
company. I am confident we will deliver profitable growth through the
combination of our solid core businesses and strong financial
profile.”
Eastman’s
chemicals, fibers and plastics are used as key ingredients in products that
people use every day. Approximately 10,000 Eastman employees around
the world blend technical expertise and innovation to deliver practical
solutions. The company is committed to finding sustainable business
opportunities within the diverse markets it serves. A global company
headquartered in Kingsport, Tenn., USA, Eastman had 2008 sales of $6.7
billion. For more information, visit www.eastman.com.
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Contacts:
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Media:
Tracy Broadwater
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423-224-0498
/ tkbroadwater@eastman.com
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Investors:
Greg Riddle
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212-835-1620
/ griddle@eastman.com
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