Eastman Chemical (EMN) Announces Start Of MDIPA Unit In China
Zacks Investment Research | Nov 06, 2018 08:49PM ET
Eastman Chemical Company (NYSE:EMN) recently announced that it has successfully started the methyldiisopropanolamine (MDIPA) unit in Nanjing, China. Per the company, the new product will be mainly sold in the home care industry.
The MDIPA project highlights the company’s commitment to customers as well as its ability to execute projects safely and on time. China is considered by the company as a growth market for care chemicals. Eastman Chemical is focused on making further developments in the Nanjing site.
Additionally, the company has decided to expand its alkyl alkanolamine capacity in Nanjing. It will build a world scale unit mainly to produce Dimethylaminoethanol (DMAE/DMEA), which is used for making intermediates for the water treatment and energy markets. The project is currently under progress and is expected to be finished in the second half of 2020.
Notably, the company has changed the site's name from Te An Ling Tian Fine Chemical Co., Ltd. (TALT) to Eastman Chemical (Nanjing) Co., Ltd. The Nanjing plant makes alkyl allkanolamines, methylamines and solvents such as DMAC and DMF.
Eastman Chemical, which is among the prominent chemical companies along with DowDuPont Inc. (NYSE:DWDP) , PPG Industries, Inc. (NYSE:PPG) and Air Products and Chemicals, Inc. (NYSE:APD) , witnessed higher profits in the third quarter of 2018. Results benefited from strong growth in its specialty businesses and cost management actions. Adjusted earnings were $2.34 per share for the quarter, up from $2.19 in the year ago-quarter. The figure also topped the Zacks Consensus Estimate of $2.29.
Eastman Chemical stated that strong volume gains in the specialty businesses, disciplined cost management and a lower effective tax rate helped it achieve adjusted earnings per share (EPS) growth of 13% year over year during the first nine months of 2018. The company continues to expect adjusted EPS growth for 2018 to be 10-14% year over year. It also expects to generate roughly $1.1 billion of free cash flow in 2018.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.