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Eastman Chemical Company: Eastman to Sell Interest in Primester Cellulose Acetate Joint Venture to Solvay

KINGSPORT, Tenn., May. 19, 2016 - Eastman Chemical Company (NYSE:EMN) today
announced it has entered into a definitive agreement with Solvay to sell its
interest in the Kingsport, Tennessee, cellulose acetate flake joint venture
named Primester. Eastman and Solvay are currently equal partners in the joint
venture. The transaction allows Eastman to eliminate costs associated with
the excess cellulose acetate flake capacity of the joint venture.

"Last fall Eastman completed a small capital investment to increase flake
capacity at our Tennessee Eastman manufacturing site in Kingsport," said
Scott Ballard, vice president and general manager of Eastman's Fibers
segment. "With this expansion and last year's shut down of our Workington, UK
acetate tow site, it is no longer necessary for Eastman to support the fixed
costs of Primester to have sufficient cellulose acetate flake capacity to
reliably supply all of our tow capacity around the world, including the
entirety of our Korea and China joint ventures."

Eastman will continue to supply certain services, utilities and raw materials
to Primester for Solvay's operation of the former joint venture assets. The
sale is subject to satisfaction of customary closing conditions and is
expected to close in second quarter 2016. Terms of the sale were not

Eastman 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 focuses on creating
consistent, superior value for all stakeholders. As a globally diverse
company, Eastman serves customers in approximately 100 countries and had 2015
revenues of approximately $9.6 billion. The company is headquartered in
Kingsport, Tennessee, USA and employs approximately 15,000 people around the
world. For more information,

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Media: Kristin Parker
423-229-2526 /

Investors: Greg Riddle
212-835-1620 /


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eastman Chemical Company via Globenewswire


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