March 9, 2009

Eastman Chemical cutting up to 300 jobs

Eastman Chemical Co. on Monday said it will take a $30 million charge as it cuts up to 300 jobs and reduces salaries, in an effort to trim costs and keep its dividend and lowered capital spending plans intact.

This marks the second round of cost cutting in the last four months for the Kingsport, Tenn.-based maker of chemicals, coatings, adhesives and specialty plastics products. In December, it said it was reducing contractors, part-time labor, management and its maximum vacation carry-over amount.

Source: AP

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