US Eastman earnings jump on higher performance, sale of PET unit

29 April 2011 00:05  [Source: ICIS news]

HOUSTON (ICIS)--Eastman Chemical more than doubled its first-quarter earnings as performance increased year over year in every business segment, with profits getting a boost from the sale of one its business units, the company said on Thursday.

The Tennessee-based chemical producer posted net income of $220m (€150m) compared with $101m in the same period of 2010.

Total sales reached $1.75bn, about a 28% increase compared with $1.37bn in the same period last year.

"We grew volume year over year in every business segment and in every region of the world,” said Jim Rogers, Eastman chairman and CEO.

Eastman sold its US polyethylene terephthalate (PET) business to DAK Americas earlier this year for $615m, the company said.

The acquisition by DAK followed its purchase in 2007 of Eastman’s PET operations in Mexico and Argentina.

($1 = €0.68)

For more on Eastman Chemical and other producers visit ICIS company intelligence

By: Lane Kelley
+1 713 525 2653

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