20 November 2002 21:40 [Source: ICIS news]
HOUSTON (CNI)--Shares of Eastman Chemical slid 8% or $3.15 to $35.80 in heavy trading Wednesday after the company disclosed it is experiencing an increase in asbestos claims.
In a filing with the US Securities and Exchange Commission (SEC), the Kingsport, Tennessee-based company said it has been named as a defendant in various state courts in asbestos litigation in the past, adding that those cases have been dismissed or settled without a material effect on Eastman's finances.
Said the company in a statement: "Recently Eastman has experienced an increase in the number of asbestos claims and in the settlement demands of plaintiffs."
It added that the company would "vigorously" defend the actions or settle them on acceptable terms.
However, it continued: "These matters could result in the company being subject to additional monetary damages, costs or expenses and additional charges against earnings."
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