12 February 2002 22:39 [Source: ICIS news]
HOUSTON (CNI)--The polyethylene terephthalate (PET) polymers industry is expected to grow by more than 2.27m tonne/year over the next four years and Eastman Chemical's Voridian unit is in a unique position to serve that market, Eastman's chief executive said Tuesday.
Speaking to financial analysts at the Morgan Stanley chemical conference in New York City, Eastman chairman and chief executive officer J Brian Ferguson said Voridian - which includes PET polymers, polyethylene and fibres businesses - continues to improve on its cost structure.
He added: "With Voridian's combination of cost and technology advantage we are in a unique position to serve these growing markets."
Ferguson spoke a day after announcing that the company had cancelled its plan to spin off its specialty chemicals and plastics businesses.
He said priorities for the remainder of Eastman's businesses will be improving performance and developing new products and services.
Ferguson added: "To make this happen, we will focus on growth, expanding margins and building capabilities to help us serve our customers better. We're also exploring the creation of new businesses based on our ability to combine Eastman's unique capabilities with our expertise in information technologies. We plan to be more aggressive in leveraging what we know."
Headquartered in Kingsport, Tennessee Eastman manufactures and markets chemicals, fibres and plastics.
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