Eastman to Invest $1.6 Billion in Kingsport Site over 7 Years
KINGSPORT, Tenn., May 29, 2013 – Eastman Chemical Company (NYSE:EMN) Chairman and CEO Jim Rogers and Tennessee Governor Bill Haslam today announced a major economic development project referred to as Project Inspire. As part of this project, over the next seven years, Eastman will invest $1.6 billion in its Kingsport site and add 300 new jobs in Tennessee. This comprehensive effort will enable the company to invest in, among other things, new growth opportunities, safety and environmental projects, increased warehouse capacity, building renovations and expansion of its corporate campus.
"This represents a landmark capital investment that will modernize and expand our largest manufacturing site and corporate campus here in Kingsport,” said Rogers. "This multi-year project will culminate in Eastman’s 100th anniversary in 2020. I can think of no better way to honor our long-term commitment to this site and surrounding community than through this very significant investment in our future.”
The state will provide funding to support the corporate campus expansion, road infrastructure improvements for the project, and a grant to meet advanced manufacturing training needs for the company through the Regional Center for Advanced Manufacturing located in Kingsport.
“I want to thank Eastman and its employees for all of the incredible work they do that has brought us here today,” Haslam said. “For nearly 100 years, Eastman has been crucial to the state’s economy, growing into a global brand, and today’s announcement means they will continue to grow right here where they started. This investment will bring hundreds of high quality jobs to the state, and I appreciate Eastman’s continued investment in Tennessee.”
In thanking the Governor for support from the State of Tennessee, Rogers said, “Eastman is proud to be making a significant investment in Tennessee. Project Inspire will allow us to remain a global leader and further expand our ability to provide solutions and build on our 100-year heritage of innovation.”
Rogers also thanked community leaders for their continued support of the company. He recognized that this is the second sizable investment at the Kingsport site in recent years and attributed it to Eastman’s symbiotic relationship with the community.
“Together, we have built a significant legacy in this region, and we look forward to it continuing,” added Rogers. “This investment will enable our headquarter campus to grow as the company does, and that is good for all of us. A growing company creates jobs, strengthens the tax base and benefits all of our stakeholders, including our employees, communities, customers and stockholders.”