Eastman Chemical Company (EMN - Free Report) recently stated that it inked a distribution agreement with Switzerland-based company, DKSH, in August 2020. Per the arrangement, DKSH will act as a distributor of Eastman Chemical across the entire Asia-Pacific region. It will focus on growing Eastman Chemical's Personal Care business in current markets and also expand into new ones.
Eastman Chemical's latest collaboration will help it to create value for customers through faster innovation and commercialization. As a specialty materials company, Eastman Chemical is committed to expand its inhouse R&D as well as formulation skills and capabilities. The deal will provide local customers much faster access to its personal care products and cosmetics innovations.
Eastman Chemical, which is among the prominent players in the chemical space along with PPG Industries, Inc. (PPG - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Celanese Corporation (CE - Free Report) , benefits from its innovation-driven growth model, cost reduction actions and acquisitions amid certain headwinds including a difficult demand environment.
The company is undertaking an aggressive approach to manage costs in response to the coronavirus pandemic. Eastman Chemical has significantly increased its cost-reduction target, which is forecast to be roughly $150 million of net savings in 2020. These cost actions include reduction of discretionary spending. The company’s cost reduction actions are expected to contribute to its earnings per share in 2020.
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