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Eastman (EMN) to Expand Extrusion Capabilities at Springfield
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Eastman Chemical Company (EMN - Free Report) recently said that it is making an investment to beef up its extrusion capabilities for the production of interlayers product lines at its Springfield, MA, manufacturing plant. The move is in sync with the Tennessee-based company’s commitment to support the rising demand for specialty interlayers products globally. The project is expected to come on stream in fourth-quarter 2021.
Eastman Chemical, which is among the prominent players in the chemicals space along with Dow Inc. (DOW - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Celanese Corporation (CE - Free Report) , noted that the investment will bolster its supply capabilities to address regional and global demand for Saflex polyvinyl butyral (“PVB”) products in automotive and architectural markets. It will also enhance capabilities to allow production of specialty architecture and automotive PVB products. The trends across automotive and architectural markets are driving the demand for high-performance interlayer products.
Interlayers are a part of Eastman Chemical’s Advanced Materials segment. The company’s PVB interlayers enhance automotive glass lamination in a number of ways, including head-up display technology, solar control, sound reduction and UV protection.
Eastman Chemical is benefiting from its innovation-driven growth model. It remains focused on growing new business revenues from innovation. The Advanced Materials segment, which generated revenues of around $2.5 billion in 2020, continues to broaden its portfolio of higher margin products in attractive end-use markets. The investment at the Springfield facility further underscores the company’s innovation-driven growth strategy.
Eastman Chemical, on its fourth-quarter earnings call, said that it expects adjusted earnings per share for 2021 to be 20-30% higher than the 2020 level. It is seeing a recovery across building & construction, automotive and consumer durables markets from the coronavirus-led slowdown. Continued recovery in these markets is expected to drive its sales volumes in 2021.
Moreover, the company is taking an aggressive approach to cost management in the wake of the coronavirus pandemic. These initiatives include reduction of discretionary spending. The company reduced costs by roughly $150 million in 2020. It is also on track with its cost-cutting actions in 2021, which are expected to contribute to its earnings per share.
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Eastman (EMN) to Expand Extrusion Capabilities at Springfield
Eastman Chemical Company (EMN - Free Report) recently said that it is making an investment to beef up its extrusion capabilities for the production of interlayers product lines at its Springfield, MA, manufacturing plant. The move is in sync with the Tennessee-based company’s commitment to support the rising demand for specialty interlayers products globally. The project is expected to come on stream in fourth-quarter 2021.
Eastman Chemical, which is among the prominent players in the chemicals space along with Dow Inc. (DOW - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Celanese Corporation (CE - Free Report) , noted that the investment will bolster its supply capabilities to address regional and global demand for Saflex polyvinyl butyral (“PVB”) products in automotive and architectural markets. It will also enhance capabilities to allow production of specialty architecture and automotive PVB products. The trends across automotive and architectural markets are driving the demand for high-performance interlayer products.
Interlayers are a part of Eastman Chemical’s Advanced Materials segment. The company’s PVB interlayers enhance automotive glass lamination in a number of ways, including head-up display technology, solar control, sound reduction and UV protection.
Eastman Chemical is benefiting from its innovation-driven growth model. It remains focused on growing new business revenues from innovation. The Advanced Materials segment, which generated revenues of around $2.5 billion in 2020, continues to broaden its portfolio of higher margin products in attractive end-use markets. The investment at the Springfield facility further underscores the company’s innovation-driven growth strategy.
Eastman Chemical, on its fourth-quarter earnings call, said that it expects adjusted earnings per share for 2021 to be 20-30% higher than the 2020 level. It is seeing a recovery across building & construction, automotive and consumer durables markets from the coronavirus-led slowdown. Continued recovery in these markets is expected to drive its sales volumes in 2021.
Moreover, the company is taking an aggressive approach to cost management in the wake of the coronavirus pandemic. These initiatives include reduction of discretionary spending. The company reduced costs by roughly $150 million in 2020. It is also on track with its cost-cutting actions in 2021, which are expected to contribute to its earnings per share.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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