Eastman Chemical Company is a global specialty materials company that produces a broad range of products found in items people use every day. The company's businesses are managed and reported in four operating segments: Advanced Materials, Additives & Functional Products, Chemical Intermediates, and Fibers. Eastman uses an innovation-driven growth model which consists of leveraging world class scalable technology platforms, delivering differentiated application development capabilities, and relentlessly engaging the market. The company works with customers to deliver innovative products and solutions with a commitment to safety and sustainability. Eastman has 36 manufacturing facilities and has equity interests in two manufacturing joint ventures in 12 countries that supply products to customers throughout the world. The company's headquarters and largest manufacturing facility are located in Kingsport, Tennessee.

• Employees: Approximately 14,000 worldwide
• Geographic Footprint: 12 countries
• Headquarters: Kingsport, Tennessee
• Founded: 1920
• Number of locations/facilities: 36 manufacturing facilities and equity interests in 2 manufacturing joint ventures
• Revenue: $9.2 billion (FY2023)
• Key Subsidiaries/Brands: Tritan, Saflex, LLumar, SunTek, V-KOOL, Naia, Aventa, Eastapure, Therminol, Skydrol, SkyKleen, Marlotherm, Estron, Eastobond, Spectar, Embrace, Visualize, Eastman Aspira, and Treva

• CEO: Mark J. Costa
• CFO: William T. McLain, Jr.
• Chief Sustainability Officer: Stephen G. Crawford
• Chief Commercial Officer: Brad A. Lich
• Chief Legal Officer: Kellye L. Walker
• Chief Human Resources Officer: Adrian J. Holt
• Chief Technology Officer: Christopher M. Killian
• Chief Supply Chain Officer: Julie A. McAlindon
• Senior Vice President: Travis Smith
• Chief Accounting Officer and Corporate Controller: Michelle R. Stewart

Key leaders have extensive experience in their respective fields, with many having served in various leadership positions within the company.

• Annual Revenue: $9.2 billion (FY2023)
• Net Income: $894 million (FY2023)
• Total Assets: $14.6 billion (as of December 31, 2023)
• Employees: Approximately 14,000 worldwide
• Key Financial Highlights: Net cash provided by operating activities was $1.4 billion in 2023. Diluted earnings per share were $7.49.

Eastman produces a broad range of specialty materials, including:

• Advanced Materials: Polymers, films, and plastics with differentiated performance properties for value-added end-uses in transportation, durables and electronics, building and construction, medical and pharma, and consumables end-markets.
• Additives & Functional Products: Materials for products in the food, feed, and agriculture; transportation; water treatment and energy; personal care and wellness; building and construction; consumables; and durables and electronics end-markets.
• Chemical Intermediates: Excess intermediates beyond the Company's internal specialty needs into end-markets such as industrial chemicals and processing, building and construction, health and wellness, and food and feed.
• Fibers: Acetate tow and triacetin plasticizers for use in filtration media, primarily cigarette filters; cellulosic filament yarn and staple fibers for use in apparel, home furnishings, and industrial fabrics; nonwoven media for use in filtration and friction applications; and cellulose acetate flake and acetyl raw materials for other acetate fiber producers.

Eastman's operations are managed and reported in four operating segments:

• Advanced Materials: Produces and markets polymers, films, and plastics.
• Additives & Functional Products: Manufactures materials for products in various end-markets.
• Chemical Intermediates: Sells excess intermediates into various end-markets.
• Fibers: Manufactures and sells acetate tow and triacetin plasticizers, cellulosic filament yarn and staple fibers, nonwoven media, and cellulose acetate flake.

In 2023, the Company moved the functional amines product line from the CI segment into the AFP segment. In addition, certain organic acid products and olefin-based products moved from the AFP segment to the CI segment.

Eastman's strategy focuses on leveraging its heritage expertise and innovation within its cellulosic biopolymer and acetyl, olefins, polyester, and alkylamine chemistries. The company uses an innovation-driven growth model which consists of leveraging world class scalable technology platforms, delivering differentiated application development, and relentlessly engaging the market. The company sells differentiated products into diverse markets and geographic regions and engages the market by collaborating and co-innovating with customers and downstream users in existing and new niche markets to creatively solve problems. Management believes that this innovation-driven growth model will enable the Company to leverage its proven technology capabilities to improve product mix, increasing emphasis on specialty businesses, and sustaining and expanding market share through leadership in attractive niche markets. The Company's strategy also focuses on organic growth initiatives and targeted bolt-on acquisitions. Eastman is also dedicated to enhancing the quality of life in a material way with an ongoing commitment to sustainability.

• Key strategic initiatives include molecular recycling technologies, and targeted product and process innovation.
• Growth drivers include leveraging its technology platforms and application development capabilities.
• Investment priorities include molecular recycling technologies and sustainable solutions.

Eastman operates in the specialty materials industry, which is characterized by a diverse range of end-markets and a competitive landscape. Key market trends affecting the business include sustainability and circular economy, energy efficiency, and digital technologies. Eastman competes with various global chemical companies, including Sekisui Chemical Co., Ltd., Kuraray Co., Ltd., Kingboard (Fo Gang) Specialty Resins Limited, Chang Chun Petrochemical Co., Ltd., XPEL, Inc., 3M Company, Saint-Gobain S.A., BASF SE, Dow Inc., Huntsman Corporation, Covestro AG, Trinseo S.A., and Saudi Basic Industries Corporation. Market share information is not explicitly provided in the filing.

• Market Risks: Uncertainty in the global economy, labor market, and financial markets could negatively impact the Company. Volatility in costs for strategic raw material and energy commodities or disruption in the supply and transportation of these commodities and in transportation of company products could adversely impact the Company's financial results.
• Operational Risks: The Company's business is subject to operating risks common to chemical and specialty materials manufacturing businesses, any of which could disrupt manufacturing operations or related infrastructure and adversely impact results of operations. The Company is also subject to operating risks related to its information technology infrastructure, including service interruptions, data corruption, cyber-based attacks or network security incidents.
• Financial Risks: Growth initiatives may not achieve desired business or financial objectives and may require significant resources in addition to or different from those available or in excess of those estimated or budgeted for such initiatives. Significant acquisitions or divestitures could expose the Company to risks and uncertainties.
• Regulatory Risks: Legislative, regulatory, or voluntary actions could increase the Company's future health, safety, and environmental compliance costs. Financial, regulatory, physical and transition risks associated with climate change could materially adversely affect the Company's business, financial condition, and results of operations. Changes in tax laws, regulations or treaties or adverse determinations by taxing or other governmental authorities could increase the Company's tax liabilities or otherwise affect its business, financial condition or results of operations.