Eastman Chemical Company ( EMN - Analyst Report ) announced that its subsidiary, Solutia Inc., has received the “Technology of the Year” award from the Association of International Metallizers, Coaters and Laminators (AIMCAL) for its EnerLogic VEP35 low-e window film. Among the innovations and advances made in the industry, the AIMCAL award is bestowed to the most important new technology, which has an impact on the converting industry or the consuming market.

Eastman Chemical’s EnerLogic VEP35 also won the Technical award in the Other Category in AIMCAL’s Vacuum Metallized or Coated Product Competition. EnerLogic VEP35 delivers an emissivity of 0.07, a substantial improvement over the 0.33 emissivity rating of the next best performing low-e film. It also helps in saving energy by reducing solar heat gain in the summer and directing radiant heat back into the room in the winter.

Eastman Chemical’s EnerLogic VEP35 also boosts the window’s insulating ability, which is equal to adding a pane of glass at a fraction of what a replacement window would cost. In fact, the film delivers 92% more insulating performance. The film also reduces heating, ventilation, and air conditioning (HVAC) costs, control energy costs, and preserve views.

Eastman Chemical’s diversified chemical portfolio, along with its integrated and diverse downstream businesses remains its strength. In Jan 2013, Eastman Chemical released its fourth-quarter 2012 results. The company slipped to a loss in the quarter hurt by losses related to pension benefit and other charges.

Adjusted earnings, however, matched the Zacks Consensus Estimate. Revenues rose at a double-digit clip riding on the contributions of Solutia acquisition, but missed the Zacks Consensus Estimate.

Eastman Chemical benefits from business restructuring, cost-cutting measures and increased capacity additions. However, the company remains exposed to weak pricing. Uncertainty regarding the timing of a recovery in Europe also remains as overhang.

Eastman Chemical currently maintains a Zacks Rank #2 (Buy).
Other companies in the chemical industry worth considering are Akzo Nobel NV ( AKZOY ) , Axiall Corporation ( AXLL - Snapshot Report ) and Air Products and Chemicals Inc. ( APD - Analyst Report ) . All of them hold a Zacks Rank #2 (Buy).