Eastman Chemical Company (EMN - Free Report) recently announced the introduction of a new portfolio of 13 cellulose esters. The products under the new portfolio will be used in food contact applications including adhesives, inks, internal can, coatings, along with tapes and labels.
Per the company, the products meet requirements for usage in specific food contact applications under the U.S. FDA regulations (21 CFR), European Commission (Regulation 10/2011), and the Swiss Ordinance on Materials & Articles in Contact with Food (SR 817.023.21).
The products are produced, handled, stored and transported by the company under conditions adhering to the current Good Manufacturing Practices for food contact applications. This move is the latest instance of the launch of innovative products by Eastman Chemical that will help to meet market demands.
Moreover, the introduction of these new food contact products brings the company’s portfolio of cellulose esters for formulated products to more than 50 for a variety of diverse applications. The new portfolio includes Eastman CA-398-3, Eastman CAB-381-0.1, Eastman CAP-482-20, Eastman CAB-381-20 and Eastman Solus 2100 Performance Additive.
Eastman Chemical — which is among the prominent players in the chemical space along with Air Products and Chemicals, Inc. (APD - Free Report) , Celanese Corporation (CE - Free Report) and LyondellBasell Industries N.V. (LYB - Free Report) — does not expect underlying macroeconomic conditions to improve in second-half 2019 due to challenging global business environment as a result of the trade conflict. However, the company expects lower customer inventory destocking.
The company also expects to gain from cost-reduction actions and the flow through of lower-cost raw materials in second-half 2019. Considering these factors, it expects adjusted EPS for 2019 in the range of $7.50-$8.00.
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