KINGSPORT — On the heels of a positive second quarter sales and earnings report, Eastman Chemical Co. announced plans Tuesday to increase Tritan capacity at its Kingsport facility.
Through a series of capital projects, Eastman plans to expand its capacity from 60 thousand metric tons to 76 thousand metric tons to meet increasing demand for the material. The projects are expected to be completed by mid-2014.
“Eastman continues to experience strong global demand for Tritan,” Lucian Boldea, Eastman vice president and general manager of Advanced Materials-Specialty Plastics, said in a prepared release. “We are gaining traction in markets such as medical, durable goods and infant care. This investment in Tritan will allow us to maintain our position as the global market leader in copolyesters, and we will continue to evaluate options for more significant expansions in the future. ”
Eastman’s Tritan is a new-generation copolyester that provides a balance of properties, including toughness, dishwasher durability and superior clarity. Since its launch in 2007, Tritan has been the material of choice for more than 600 food contact products ranging from serving and storing items to reusable sports bottles, infant care products and small appliances.
In its second quarter report released on Monday, Eastman reported higher sales volume for Tritan in the company’s Advanced Materials segment.
The company reported earnings of $1.80 per diluted share during the quarter compared to $1.40 per diluted share in the second quarter of 2012. Sales revenue moved from $1.8 billion in last year’s second quarter to $2.4 billion in this year’s second quarter.
Eastman Chairman and CEO Jim Rogers cited progress in the company’s product portfolio, including last year’s acquisition of Solutia, as the reason for continuing strength in earnings performance.
For more about Tritan go to www.eastman.com/tritan.