IHS Chemical Week

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Eastman’s Profits Down on Charges and PET Unit

6:08 AM MDT | October 26, 2007 | Kerri Walsh

Eastman Chemical reported third-quarter net income fell 79%, to $20 million (24 cts/share), including charges, on sales down 8%, to $1.8 billion. Earnings included $80 million in impairment and restructuring charges primarily related to Eastman’s agreements to sell its PET polymers facilities in Mexico and Argentina, and accelerated depreciation costs of $9 million resulting from continuing restructuring actions at the company's Longview, TX and Columbia, SC plants. Third- quarter 2006 results included asset impairments and restructuring charges of $13 million...

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