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Eastman reviewing businesses Eastman Chemical is reviewing several businesses and product lines in its coatings, adhesives, specialty polymers, and inks (CASPI) segment that it says are performing below acceptable financial levels in their current structure. Strategic alternatives to the current structure include restructuring, divestiture, and consolidation. The businesses include acrylate ester monomers, unsaturated polyester resins, inks and graphic raw materials, liquid resins, powder resins, and textile chemicals. In 2002, sales for these businesses totaled about $650 million, with an operating loss of $75 million. Eastman expects the operating loss this year to be greater than that in 2002. The company says the steps it is taking should improve CASPI's operating earnings by at least $50 million in 2004. The units being evaluated have about 2,400 employees. CEO Brian J. Ferguson says the review should be finished within the next eight to 12 months, with some actions expected to be completed by the end of this year. |
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