29 May 2013 17:59 [Source: ICIS news]
HOUSTON (ICIS)--Eastman Chemical plans to spend $1.6bn (€1.2bn) over the next seven years at its headquarters in Kingsport, Tennessee, the US-based specialty chemicals producer said on Wednesday.
Without elaborating, Eastman said the project would allow it to invest in "new growth opportunities, safety and environmental projects, increased warehouse capacity, building renovations and expansion of its corporate campus".
In a statement, Eastman CEO Jim Rogers said, "This represents a landmark capital investment that will modernise and expand our largest manufacturing site and corporate campus here in Kingsport."
The government of Tennessee will help fund the expansion of the corporate campus, improve roads and provide a grant that would pay for training, the company said.
The size of the grant was not disclosed.
Eastman's plants in Kingsport are used by its segments for additives and functional products; adhesives and plasticizers; advanced materials; fibre; and specialty fluids and intermediates, according to the company's annual report.
($1 = €0.78)
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