MOSCOW (MRC) -- US-based Eastman Chemical is seeking options to off-load its excess ethylene excess ethylene and other olefin intermediates in the US, reported TPS with reference to the company's announcement.
Eastman has four crackers in Longview, Texas, which are able to produce ethylene and propylene. The company is seeking to monetize its excess ethylene as well as olefin intermediates, according to Eastman CEO Mark Costa.
"We enter 2016 well positioned to benefit from our strong portfolio of specialty businesses... however, we face increasing challenges including stagnant global economic growth, the collapse in the price of oil, and weakening currencies in Asia and Europe," Costa said.
"In this environment, we are taking decisive actions to accelerate our innovation and market development activities and significantly increase our cost reduction efforts," he added.
As MRC reported before, Eastman Chemical Co.’s Tritan-brand co-polyester business continued to grow, with 35 mln pounds of capacity added late 2014 and a second plant on the horizon.
Eastman (headquartered in Kingsport, Tennessee, USA) is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables. Eastman is a global specialty chemicals company with 15,000 employees worldwide. The firm posted sales of USD9.5 billion in 2014.
MRC