q307impairment8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities and Exchange Act of
1934
Date
of report (Date of earliest event reported):
September 14,
2007
EASTMAN
CHEMICAL COMPANY
(Exact
Name of Registrant as Specified in Its Charter)
|
|
|
|
|
Delaware
|
|
1-12626
|
|
62-1539359
|
(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification
No.)
|
|
|
|
|
|
|
|
|
200 South
Wilcox Drive, Kingsport, TN
|
|
37660
|
(Address
of Principal Executive Offices)
|
|
(Zip
Code)
|
(423) 229-2000
(Registrant’s
Telephone Number, Including Area Code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
o
|
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
|
|
|
|
o
|
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
|
|
|
|
o
|
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
|
|
|
|
|
|
o
|
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
|
EASTMAN
CHEMICAL COMPANY - EMN
|
|
September 17,
2007
|
Item
2.06 – Material Impairments
As
previously reported, the Company has been evaluating various strategic options
that include restructuring, divestiture or consolidation of its PET
manufacturing assets outside the United States.
On
September 14, 2007, Eastman Chemical Company entered into an agreement to
sell
its non-integrated PET polymers manufacturing sites in Cosoleacaque, Veracruz,
México and Zarate, Argentina and related polyester resin business to ALFA,
S.A.B. de C.V. The Company's press release announcing the agreement
to sell these assets is included as an exhibit to this filing. The
sale is subject to customary conditions to closing, including regulatory
approvals, and is expected to be completed in fourth quarter
2007. Management expects non-cash asset impairments and restructuring
charges of up to $90 million, net of tax, to be recognized in third quarter
2007.
In
addition, the Company continues to make good progress on strategic actions
for
the remaining PET manufacturing facilities outside the United
States. The Company does not expect asset impairments and
restructuring charges related to these actions, but if charges are recognized,
expects that they will not be material.
Exhibit
9.01 (d)
The following exhibit is
furnished pursuant to Item 9.01(d):
Press Release
EASTMAN
CHEMICAL COMPANY - EMN
|
|
September
17, 2007
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
|
|
Eastman
Chemical Company
|
|
|
By: /s/
Curtis E.
Espeland
Curtis
E. Espeland
Vice
President and Chief Accounting Officer
|
|
|
Date: September
17, 2007
|