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Eastman may reverse 5 percent employee pay cut

October 23/2009
October, 23 ( --  Eastman Chemical Co. may soon restore employee pay to 2008 levels.

Eastman Chief Executive Officer Jim Rogers told industry analysts in a conference call Friday that the company could reverse a 5 percent employee pay cut by the end of the year. The Kingsport-based company cut employee pay as of April 1 to help reduce expenses during the global economic recession.

You cant keep those extraordinary measures in place forever, Rogers said. Its quite likely we will be reversing some of those extraordinary measures, including pay cuts, probably by year end.

Last December, Eastman announced it would cut more than $100 million in expenses from its bottom line in 2009, including $80 million in labor-related costs. The company eliminated wage and salary increases for the year, as well as overtime wherever possible. Eastman also decreased its use of contractors and part-time labor, cut management staff, and implemented a permanent change in its


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