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Eastman Chemical is Part of New Silicon Valley Cooperative
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Eastman Chemical Company (EMN - Free Report) has collaborated with other members for a public-private cooperative in Silicon Valley. The cooperative recently unveiled a production facility where the members intend to develop wearable electronic devices and other advanced next-generation technology.
The cooperative, NextFlex America’s Flexible Hybrid Electronics Manufacturing Institute, a trademark of FlexTech Alliance Inc, was awarded $75 million in grant funding by the Department of Defense (DoD) and is headquartered with the research facility, in San Jose, CA. It consists of 30 member organizations, including private companies, universities and non-profit organizations. Apart from Eastman Chemical, other Fortune 500 companies included are General Electric and Boeing. The organizations involved are highly advanced technologically, and will attempt to revolutionize military and healthcare by developing the wearable electronic devices.
Eastman Chemical, a founding member of the cooperative, will be able to contribute through its expertise in materials science and material handling, essential to develop flexible hybrid electronics (FHE). The technology merges printed electronics produced on flexible substrates with semiconductor devices.
The members of the institute will attempt to develop this technology in a form that can be attached to the human body as well as vehicles and other structures. On human beings, the device could help monitor the health of soldiers or patients and save lives as well as improve their health by ensuring timely medical intervention.
The cooperative is part of a federal initiative, the National Network for Manufacturing Innovation program. This program backs advanced development and manufacturing in the U.S. and promotes the country’s leadership in emerging technologies. The cooperative was also provided $96 million funding by public and private organizations.
Eastman Chemical saw lower profit in second-quarter 2016 due to softer pricing. Adjusted earnings of $1.68 per share as well as revenues of $2,297 million missed the Zacks Consensus Estimate. The company’s cash and cash equivalents, and long term debt fell 10% and 7% year over year in the quarter, respectively.
Eastman Chemical said that it is benefiting from strong growth of its specialty products and cost-cutting actions. However, the company is witnessing increased competitive pressure, especially from the Asia Pacific region, and compressing olefin spreads. As such, it sees a decline in adjusted earnings per share for 2016 that approaches 10% below adjusted earnings per share for 2015 compared with its earlier expectation of a decline of roughly 5%.
Eastman Chemical currently holds a Zacks Rank #4 (Sell).
Some better-ranked companies in the chemical space include Innospec Inc. (IOSP - Free Report) , Stepan Company (SCL - Free Report) and Innophos Holdings Inc , all sporting a Zacks Rank #1 (Strong Buy).
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Eastman Chemical is Part of New Silicon Valley Cooperative
Eastman Chemical Company (EMN - Free Report) has collaborated with other members for a public-private cooperative in Silicon Valley. The cooperative recently unveiled a production facility where the members intend to develop wearable electronic devices and other advanced next-generation technology.
The cooperative, NextFlex America’s Flexible Hybrid Electronics Manufacturing Institute, a trademark of FlexTech Alliance Inc, was awarded $75 million in grant funding by the Department of Defense (DoD) and is headquartered with the research facility, in San Jose, CA. It consists of 30 member organizations, including private companies, universities and non-profit organizations. Apart from Eastman Chemical, other Fortune 500 companies included are General Electric and Boeing. The organizations involved are highly advanced technologically, and will attempt to revolutionize military and healthcare by developing the wearable electronic devices.
Eastman Chemical, a founding member of the cooperative, will be able to contribute through its expertise in materials science and material handling, essential to develop flexible hybrid electronics (FHE). The technology merges printed electronics produced on flexible substrates with semiconductor devices.
The members of the institute will attempt to develop this technology in a form that can be attached to the human body as well as vehicles and other structures. On human beings, the device could help monitor the health of soldiers or patients and save lives as well as improve their health by ensuring timely medical intervention.
The cooperative is part of a federal initiative, the National Network for Manufacturing Innovation program. This program backs advanced development and manufacturing in the U.S. and promotes the country’s leadership in emerging technologies. The cooperative was also provided $96 million funding by public and private organizations.
EASTMAN CHEM CO Price
EASTMAN CHEM CO Price | EASTMAN CHEM CO Quote
Eastman Chemical saw lower profit in second-quarter 2016 due to softer pricing. Adjusted earnings of $1.68 per share as well as revenues of $2,297 million missed the Zacks Consensus Estimate. The company’s cash and cash equivalents, and long term debt fell 10% and 7% year over year in the quarter, respectively.
Eastman Chemical said that it is benefiting from strong growth of its specialty products and cost-cutting actions. However, the company is witnessing increased competitive pressure, especially from the Asia Pacific region, and compressing olefin spreads. As such, it sees a decline in adjusted earnings per share for 2016 that approaches 10% below adjusted earnings per share for 2015 compared with its earlier expectation of a decline of roughly 5%.
Eastman Chemical currently holds a Zacks Rank #4 (Sell).
Some better-ranked companies in the chemical space include Innospec Inc. (IOSP - Free Report) , Stepan Company (SCL - Free Report) and Innophos Holdings Inc , all sporting a Zacks Rank #1 (Strong Buy).
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>