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PET Drags Down Eastman’s Results

1:45 PM MDT | July 25, 2007 | Chemical Week Editorial Staff

Eastman Chemical reported first-quarter earnings of $77 million, a 26% decline over the year-ago period. Sales were flat at about $1.7 billion. First-quarter results included a charge of $14 million related to restructuring at the company’s Longview, TX and Columbia, SC facilities, and $21 million in asset impairment and restructuring charges related to its previously announced divestment of its San Roque, Spain polyethylene terephthalate (PET) plant. “We continue to make good progress offsetting high and volatile raw material and energy costs, and we...

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