>>
Home / Knowledge / News / Textiles / Eastman takes additional cost reduction actions

Eastman takes additional cost reduction actions

19
Dec '08
Eastman Chemical Company announced a series of actions the company is taking to respond to current economic conditions while continuing to pursue its plans for growth.

The company said that it will reduce costs in 2009 in excess of $100 million, of which approximately $80 million is expected to come from labor-related costs.

Eastman announced the following actions will be taken by early 2009:

- Elimination of planned 2009 wage and salary increases
- Permanent change in the company's U.S. vacation policy by reducing the maximum vacation carry-over amount
- Elimination of overtime wherever possible
- Reduction in use of contractors and part-time labor
- Reduction in management staff

The reduction in management staff, which was recently completed, will result in a restructuring charge of approximately $5 million during the fourth quarter. The other actions being taken will not result in restructuring charges.

The company's locations outside the U.S. are taking similar actions to reduce labor costs. In addition, the company is taking actions to reduce non-labor costs, working capital and capital spending.

“We have taken a number of actions over the past several years that better position the company for economic downturns,” said Eastman Chairman and CEO Brian Ferguson. “In addition, the company's flexible workforce structure allows us to quickly and effectively respond to today's challenging economic environment.”

“Given the sudden and dramatic deterioration of the global economy, we are slowing work on some of our projects as it makes sense to do so,” added Ferguson. “We continue to believe, however, that the company is well positioned to weather this current economic crisis, and that we can successfully manage costs while pursuing our plans for growth.”

Eastman Chemical Company


Must ReadView All

Pic: Dreamstime.com

Textiles | On 22nd May 2022

China raises support for economic growth by cutting lending rate

China recently cut the market-based benchmark lending rate to shore...

Pic Andrey Sirant | Dreamstime.com

Textiles | On 22nd May 2022

CPTPP helps boost Vietnam-Australia trade, investment cooperation

The Comprehensive and Progressive Agreement for Trans-Pacific...

Pic. Shutterstock

E-commerce | On 22nd May 2022

Strong momentum in China's cross-border e-com, rises 18.6% YoY in 2021

China's cross-border e-commerce has rapidly grown in the last few...

Interviews View All

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Textile Industry, Head honchos

Textile Industry
Head honchos

Uniform designing is a numbers game

Atul Ganatra,

Atul Ganatra

<div>Engaged in providing a wide range of services to the entire cotton...

Dhiraj Shah,

Dhiraj Shah

The Synthetic &amp; Rayon Textiles Export Promotion Council (SRTEPC), set...

Aylin Akyildiz,

Aylin Akyildiz

Established in 1997, Realteks has been providing denim fabric for the...

Claudio Fracasso, FARÈ

Claudio Fracasso
FARÈ

Since 1970, Italy-based company FARÈ has been designing and manufacturing...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Alvaro Mars, Label -  Alvaro Mars

Alvaro Mars
Label - Alvaro Mars

Alvaro Mars is designer of his eponymous and a non-binary brand that plays ...

Meghana Goyal, Label - Summer Somewhere

Meghana Goyal
Label - Summer Somewhere

Summer Somewhere is a conscious clothing brand designed for every girl in...

Bav Tailor, Label Bav Tailor

Bav Tailor
Label Bav Tailor

Born in London and Indian by origin, <b>Bav Tailor </b>is the Founder of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

IKEA of Sweden AB
Under Armour Global Sourcing Ltd
BRINKMANN GMBH
Huntsman (Singapore) Pte Ltd
TESCO INTERNATIONAL SOURCING LIMITED
Sportswear Company Spa
Indofil Industries Limited - Specialty & Performance Chemicals Division
Tommy Hilfiger
Tuyap Tum Fuarcilik Yapim A.S.
Jiangsu Yingyang Nonwoven Machinery Company Limited
Mesdan SPA
Hela Clothing Pvt Ltd
Shima Seiki Mfg. Ltd.
Recron Polyester from Reliance Industries Limited
H;&M Hennes ;& Mauritz (Far East) Ltd
IFF Media Ag - International Media Services
N9 World Technologies Private Limited
Kornit Digital Asia Pacific Ltd
Rosset ;& Cia Limited
G-Star Raw C.V.
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Etam Group Strategy Hong Kong Limited
UBM China (Shanghai)
IIGM Private Limited
Nandan Denim Limited
Amazon China
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Thermore (Far East) Ltd.
Nihalani Events Management
FULGAR SpA
Color Service s.r.l.
Colours India Inc
Savio Macchine Tessili S.P.A.
Gap International Sourcing Limited
International Sourcing Expo Australia
Maceton Limited
Calvin Klein
Loris Bellini S.r.l.
Guess Europe Sagl,
BIMBA ;& LOLA SL
Groz-Beckert KG
Istanbul Fuarcilik A.S.
Seasalt Limited
GERBER TECHNOLOGY LTD.
Lectra Technologies India Pvt Ltd.
Midas Clothing Limited
Groz-Beckert East Asia LLP
COTTON COUNCIL INTERNATIONAL
DuPont de Nemours, Inc.,
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Brandix Lanka Limited
APLF Limited
Taiwan Textile Federation (TTF)
Dow Silicones Corporation
Arvind Limited
Desigual - ABASIC, S.A.
ZAITEX spa
PVH Corporation
KIABI
Weitmann & Konrad GmbH & Co. KG
TÜYAP IHTISAS FUARLARI A.S.
Puma
Lacoste (Wanchai)
Alison Hayes Romania
Zünd Systemtechnik AG
Splash
Comasia Limited
Cat Tuong Real Estate Group Joint Stock Company
Aramark Uniform ;& Career Apparel, LLC
Datatex Consulting Srl
SHAHI Exports Pvt Ltd
Performance Days
Babyshop
Benetton Group
Saurer Textile Solutions Pvt. Ltd.
EMBEE CORPORATION
China World International Exhibition Company Limited
Lenzing Aktiengesellschaft - India
Walmart
CSGIA(China Screen Printing & Graphic Imaging Association)
Marzoli Machines Textile s.r.l.
Tradewind International Servicing
G.A.S. unternehmenskommunikation gmbh
Inter Expo Center Ltd.
Infor (Hong Kong) Limited
Hirdaramani International Export Private Limited
Jindal Worldwide Limited
Brückner Trockentechnik GmbH & Co. KG
Restoque S.A.
The Top Form Brassiere Manufacturing Company Limited
H. Stoll AG & Company KG
Datacolor AG Europe
Lenzing Aktiengesellschaft
KAS Direct Sourcing
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Alix Partners
Applied DNA Sciences Inc
VNU Exhibitions Asia
Vardhman Textile Ltd
TESTEX AG, Swiss Textile Testing Institute
Tory Burch Hong Kong Ltd
ITMA Services Pte Ltd
BTSR International S.P.A.
Sateri (Jiujiang) Fiber Co.,Ltd
SYNERGIES HONG KONG LIMITED
Gatsby Africa
C;&A Sourcing International Ltd
Indo Tex
Permoda(Koaj/Armi/Pronto/Bkul)
Copenhagen Fashion Summit
Officina Meccanica Dora Enrico Srl
John Varvatos
Flainox S.r.l.
Landmark Group
Green Fibre
Tchibo GmbH
Varner AS Retail
Newtech Textile Technology Development (Shanghai) Company Limited
Zydex Industries
USTER
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Esprit Europe Services GmbH
Boardriders Asia Sourcing Limited
Karl Mayer Textilmaschinenfabrik GmbH
Recron Polyester from Reliance Industries Limited
Reiter India Private Limited
Phong Phu international JSC (PPJ)
The LYCRA Company Singapore  Pte. Ltd
Stahl Holdings B.V.,
Xtema - Thomas Lebherz Textilmaschinen
Thai Acrylic Fibre Company Limited
GIOVANNI BOZZETTO S.p.A.
MAS Active / MAS Kreeda / MAS Bodyline
Kern – Liebers Textile
Bluestem Global Sourcing Limited
Palexpo SA
EPCH
Centric Software
DyStar India Pvt. Ltd
Lisa S.P.A.
BTC Textiles LLC
THE BOMBAY DYEING ;& MFG.CO. LTD
JES MEDIA, INC
Helly Hansen Far East Ltd
Haelixa AG
TEXVALLEY MARKET LIMITED
Pt. Peraga Nusantara Jaya Sakti
Messe Duesseldorf
Aquarelle Clothing Limited
Lifestyle
Equinox Impex India
Eastman Chemical Company
Lottmann Communications
Italian Trade Commission
Coats Digital Limited
International Textile Manufacturers Federation
Mayer & Cie. GmbH & Co. KG
Chico’ FAS
Asos
NITI Aayog
GHCL LIMITED
Gokaldas Exports Limited
Sainsbury's Argos Asia Limited
CGS Inc.
Truetzschler India Private Limited
IDH – The Sustainable Trade Initiative
Bluesign Technologies Ag
T.T. Limited
Lululemon Athletica Inc
X-Rite Asia Pacific Limited (HK)
Messe Frankfurt Exhibition GmbH
Decathlon
LC Waikiki
J ;& P Coats
EUROVET ASIA LTD
Eurofins BLC Leather Technology Centre Ltd
Page Industries Limited (Bangalore)
Meera Dyestuff Industries
Rayonese Textile Inc., Division de Culp Inc.
Vianney Textil Hogar S.A. De C.V.
Gloria Jeans
BIANCA
Grasim Industries Limited
Thai Trade Center
K AND D ITMACH EXPOSITIONS LLP
OVS Hong Kong Sourcing Ltd.
Sportmaster Ltd.
Target Corporation (MN)
Chori Company Limited
FESPA (Reigate)
Aleph Srl
NV Michel Van de Wiele
Abit
Itema Weaving (India) Private Limited
Rieter India Private Limited
Shanghai  Aige Exhibition Service Co., Ltd
Woolmark Services India Pvt. Ltd.
The LYCRA Company Singapore  Pte. Ltd

May 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search