KINGSPORT — Eastman confirmed on Monday ongoing job reductions in its Kingsport and global operations.
“I just want to remind you that this is not ‘new’ news,” Eastman spokeswoman Candy Eslinger said. “It’s what we announced back in August, and was reported in some local media outlets. We informed employees in August that as part of our transformation efforts, the company is taking actions to enable us to be more agile and efficient, and to improve our overall competitiveness. As previously mentioned, one part of those actions is a reduction in our global workforce, which includes a voluntary separation program in the U.S., followed by a global involuntary separation program. We expect to complete these programs by the end of the year. Outside the U.S., timing may vary depending on country laws and regulations. We believe the scale of this program is very modest in comparison to similar announcements made recently by other large companies, and expect that the workforce reduction will impact less than 3% of the total global workforce.”
Eastman Board Chair and CEO Mark Costa, in the company’s third quarter report, noted Eastman was on on track to deliver approximately $150 million of cost savings, net of inflation, for full year 2020, of which approximately $40 million was expected in the fourth quarter.
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day.
With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability.
The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables.
As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries.
The company had 2019 revenues of approximately $9.3 billion and is headquartered in Kingsport.
For more information, visit www.eastman.com.