Eastman to raise PTA intermediates capacity

28 Jan '08

2 min read

Eastman Chemical Company announced it expects the strategic initiatives the company is pursuing to result in a doubling of earnings per share to $10 by 2012.

In addition, Eastman expects to increase earnings per share each year from 2008 to 2012, with 2009 earnings expected to increase over 2008 by 10 to 15 percent.

Eastman Chairman and CEO Brian Ferguson said the company's earnings per share for 2005, 2006 and 2007 combined, excluding restructuring related items, represent the best three-year period of earnings in Eastman's history.

"Going forward, we have a clear strategy for creating significant value," Ferguson said. "We are leveraging the greatest strengths we have as a company, the capabilities of our people to innovate and execute. We expect to build on our strong earnings by focusing in two main areas-industrial gasification and growth initiatives in existing businesses."

Industrial Gasification
Eastman expects its previously announced industrial gasification projects in Texas and Louisiana to contribute approximately $2 per share by 2012.

Eastman's milestones for these projects include:
• Completing the front end engineering and design (FEED) process in the second half of 2008;
• Obtaining project financing by the end of 2008;
• Breaking ground in early 2009; and
• Bringing the facilities online by 2011.

Growth Initiatives in Existing Businesses:
Eastman expects the growth initiatives for its Specialty Plastics, Fibers and Performance Polymers segments to contribute about $3 per share by 2012.

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