1. Think of Eastman Chemical as a modern, industrial-focused DuPont, developing and supplying the specialized chemicals and advanced materials that go into countless products.

2. It's like a '3M for industrial materials and chemicals,' providing innovative, specialized components and solutions for manufacturers across diverse industries.

3. Imagine them as a 'Corning for polymers and chemicals,' creating high-performance, specialized materials that are crucial ingredients for everything from cars to consumer goods.

• Performance Resins: Specialty resins, including hydrocarbon and rosin types, used in a wide range of industrial and consumer applications.
• Copolyesters and Cellulosic Polymers: Advanced polymers derived from traditional and bio-based sources, serving markets like packaging, medical, and durable goods.
• Agricultural Solutions: Products such as soil fumigants, fungicides, and plant growth regulators for crop protection and yield enhancement.
• Specialty Solvents and Paint Additives: Chemicals, including coalescents and various solvents, that improve the performance of paints, coatings, and other end products.
• Rubber Additives: Insoluble sulfur and anti-degradant compounds specifically designed to enhance the properties and longevity of rubber products.
• Plasticizers: Phthalate and non-phthalate compounds used to increase the flexibility, workability, and durability of plastics.
• PVB Sheets and Films: Polyvinyl butyral (PVB) interlayers for laminated safety glass, along with window and protective films for various surfaces.
• Cellulose Acetate Products: Materials like cellulose acetate tow for filtration media (e.g., cigarette filters) and acetate yarns and fibers for textiles and industrial uses.
• Chemical Intermediates: Foundational building blocks such as amines, olefins, and acetic derivatives, utilized across diverse manufacturing processes.
• Specialty Fluids: Heat transfer and aviation fluids engineered for specific thermal management and aerospace industry applications.

Eastman Chemical Company (EMN) operates primarily as a business-to-business (B2B) supplier, providing specialty materials, chemicals, and intermediates to other companies across various industries. The provided background description does not list specific names of major customer companies. However, based on the diverse markets served by its four segments, Eastman's major customers are companies operating in the following broad categories:

1. Manufacturers in Consumer and Industrial Goods Sectors: This includes companies producing goods for transportation (e.g., automotive, aerospace, tire manufacturers utilizing resins, films, rubber additives), building and construction (e.g., material suppliers, paint and coatings companies, window manufacturers using PVB sheets, films, solvents), electronics, durables, and consumables. These customers integrate Eastman's advanced materials, performance resins, and various additives into their end products.

2. Companies in the Chemical, Agricultural, and Health & Wellness Industries: This category encompasses businesses involved in industrial chemical processing, agriculture (e.g., agrochemical producers utilizing soil fumigants, fungicides, plant growth regulators, and chemical intermediates), and health and wellness (e.g., pharmaceutical companies, personal care product manufacturers using organic acid-based solutions, amine derivatives, and specialty solvents).

3. Producers for Filtration Media and Textiles: This segment includes companies that manufacture filtration products, particularly for cigarette filters, using Eastman's cellulose acetate tow. It also extends to businesses utilizing natural and solution dyed acetate yarns for textiles and other consumable applications.

Mark J. Costa, Chairman and Chief Executive Officer

Mark J. Costa serves as the Chairman and Chief Executive Officer of Eastman Chemical Company, a position he has held since 2014, also becoming Board Chair in the same year. He joined Eastman in 2006 as a Senior Vice President of Strategy, Marketing, and Business Development. Prior to his role at Eastman, Mr. Costa was a senior partner with Monitor Group, a global management consulting firm, where he was instrumental in developing techniques in corporate transformations and portfolio management. He previously held roles as President of Eastman Chemical Company (2013-2014) and various Executive Vice President positions leading Polymers businesses and Specialty Products businesses, and also served as Chief Marketing Officer. Mr. Costa holds a bachelor's degree in economics from the University of California at Berkeley and an M.B.A. from Harvard Business School.

William T. McLain, Jr., Executive Vice President and Chief Financial Officer

William T. McLain, Jr. has been the Executive Vice President and Chief Financial Officer of Eastman Chemical Company since February 2020. He joined Eastman in 2000 and has held various finance-related positions within the company, including Director, Asia Pacific Finance (2011), International Controller (2013), Corporate Controller (2014-2016), and Vice President of Finance (2016). Before joining Eastman, Mr. McLain gained experience at PricewaterhouseCoopers LLP.

Brad A. Lich, Executive Vice President and Chief Commercial Officer

Brad A. Lich is the Executive Vice President and Chief Commercial Officer at Eastman Chemical Company. He previously served as President of Solutia Inc.

Iké Adeyemi, Senior Vice President, Chief Legal Officer and Corporate Secretary

Iké Adeyemi serves as Senior Vice President, Chief Legal Officer and Corporate Secretary for Eastman Chemical Company.

Travis Smith, Executive Vice President, Additives & Functional Products, Manufacturing, WWE&C and HSE

Travis Smith holds the position of Executive Vice President, Additives & Functional Products, Manufacturing, WWE&C and HSE at Eastman Chemical Company.

Eastman Chemical Company (EMN) faces several key risks to its business operations, primarily stemming from its exposure to global economic cycles and trade dynamics, as well as inherent volatility in its input costs.

1. Weak Demand and Macroeconomic Headwinds: Eastman Chemical is highly susceptible to demand fluctuations in its key end markets, including consumer durables, automotive, construction, and textiles. Persistent macroeconomic uncertainty and an overall slowdown in these sectors have led to lower sales volumes, pricing pressure, and customer inventory destocking, significantly impacting the company's Advanced Materials, Fibers, and Chemical Intermediates segments. This cyclicality is a fundamental risk for companies in the basic materials sector.
2. Tariffs and Global Trade Disputes: The implementation of tariffs and ongoing global trade-related tensions pose a significant risk to Eastman Chemical. These factors have led to cautious customer behavior, disruptions in supply chains, increased operational costs, and reduced demand, particularly affecting the Fibers segment and other products with exposure to international trade, notably with China.
3. Raw Material and Energy Cost Volatility: As a chemical manufacturer, Eastman Chemical is heavily reliant on strategic raw material and energy commodities. The volatility in the costs of these inputs, along with potential disruptions in their supply and transportation, can adversely impact the company's operating costs and overall financial results.

The global decline in cigarette smoking presents a clear emerging threat to Eastman Chemical's Fibers segment. This segment explicitly states that its primary product, cellulose acetate tow, is used for filtration media, predominantly cigarette filters. As public health campaigns, increased regulation, and evolving consumer preferences lead to a sustained and accelerating reduction in cigarette consumption worldwide, the demand for this core product line is directly and significantly threatened. This ongoing market contraction represents a fundamental shift impacting a major end market for Eastman's Fibers business.

Eastman Chemical Company (EMN) operates in several addressable markets for its main products and services globally.

• Copolyesters: The global copolyester market size was valued at approximately USD 4.7 billion in 2023 and is anticipated to reach around USD 7.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.0%. Another estimate places the global copolyester market at USD 2,637.5 million in 2025, projected to grow to USD 4,047.74 million by 2033 with a CAGR of 5.5%.

• Polyvinyl Butyral (PVB) Films/Sheets: The global market size for polyvinyl butyral (PVB) was valued at USD 4.1 billion in 2024 and is projected to reach USD 7.4 billion by 2034, growing at a CAGR of over 6.4% from 2025 to 2034. In 2023, more than 2.8 billion square meters of laminated glass incorporated PVB films globally.

• Plasticizers: The global plasticizers market is estimated to be USD 20.03 billion in 2025 and is projected to reach USD 26.60 billion by 2030, at a CAGR of 5.8%. Another report indicates the market was valued at USD 20.92 billion in 2024 and is projected to grow to USD 36.42 billion by 2035, with a CAGR of 5.17%.

• Cellulose Acetate Tow: The global acetate tow (cellulose acetate tow) market was valued at USD 3.40 billion in 2024. This market is projected to decline to USD 1.83 billion by 2032, exhibiting a negative CAGR of -8.7%, primarily due to a global decline in cigarette consumption.

• Specialty Chemicals (Overall Context): Eastman Chemical operates as a specialty materials company. The broader global specialty chemicals market size was valued at USD 978.97 billion in 2024 and is projected to reach USD 1,312.78 billion by 2030, growing at a CAGR of 5% from 2025 to 2030.

Share Repurchases

• Eastman Chemical completed a multi-year share repurchase program, initiated in 2018, totaling US$3,155.42 million by February 2026.
• In May 2022, the company entered into an accelerated share repurchase agreement for $500 million of common stock, with a target to repurchase over $1 billion in shares for the full year 2022.
• Approximately $500 million was returned to stockholders through dividends and share repurchases in 2025.

Share Issuance

• In February 2026, Eastman Chemical completed a US$598.72 million fixed-rate senior unsecured notes offering due 2031.
• The number of shares outstanding for Eastman Chemical saw declines of 4.4% in 2023, 1.26% in 2024, and 1.95% in 2025.

Outbound Investments

• Eastman made several acquisitions, including Willson Band Instruments in March 2023, Ai-Red Technology in February 2023, and PremiumShield and Matrix Films both in October 2021.
• In April 2021, the company acquired 3F Technology.

Capital Expenditures

• Capital expenditures for 2025 were approximately $550 million, optimized from an initial projection of $700-$800 million.
• The company projects capital expenditures to be approximately $400 million for 2026, with about $350 million allocated to maintenance capital and no new major capital projects.
• A primary focus of recent capital expenditures has been the expansion of the Kingsport methanolysis facility, which contributed approximately $60 million in incremental earnings in 2025. Additionally, an ethylene-to-propylene (ETP) project is expected to add $50 million to $100 million in earnings with a payback period of less than two years.