Eastman Chemical Co. to reverse employee pay cuts

19-Nov-09
Eastman Chemical Company plans to reverse employee pay cuts implemented as of April 1 to help the company reduce expenses during the global recession. Eastman employs 10,000 people, including 6,800 in Kingsport. Before restoring the pay cuts, the company wanted to see solid Q3 financial results, a satisfactory Q4 earnings outlook, and an expectation for 2010 to be better than 2009. The company will pursue joint venture projects and acquisitions where appropriate, and is rethinking to seek a partner in an industrial gasification plant in Beaumont, Texas. The Beaumont project has faced unexpectedly high construction costs. The PET plant at IntegRex plant in Columbia, will be shut in December to repair equipment. The plant has been plagued by operational challenges, which contributed to a Q3 operating loss of US$10 mln for the company’s performance polymers segment.
  More News  Post Your Comment

Previous News

Next News

{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha