Eastman Chemical Co. recently announced its decision to invest more than $1.3 billion dollars over the next five years to upgrade technology, infrastructure and production capabilities at the company’s Kingsport, Tenn., manufacturing facility. The plan, called “Project Reinvest” calls for the company to spend an average of $265 million dollars annually and will potentially lay the groundwork for future capital investments.
The project will also initiate a unique partnership between Eastman and Northeast State Technical Community College to develop curricula and implement training programs for a new generation of mechanics, lab analysts and chemical operators.
Eastman officials said the announcement means the company will remain an important driver of economic growth in the region.
“This initiative is one of the most sweeping capital reinvestments in the history of our company,” said Brian Ferguson, chairman and chief executive officer of Eastman Chemical Company. “It is a major recommitment, not just to our operations but to the broader community and especially to our employees and customers.”
Tennessee Gov. Phil Bredesen told Eastman employees that as the job training partnership between Eastman and Northeast gets up and running, he will ask the General Assembly to approve additional dollars to expand the program in other areas, such as providing scholarships for non-traditional students who are beyond college age, but are interested in upgrading their skills to get a better job.
Eastman manufactures and markets chemicals, fibers and plastics around the world. The company produces differentiated coatings, adhesives and specialty plastics and is the world’s largest producer of PET polymers as well as a major supplier of cellulose acetate fibers.
Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a Fortune 500 company with 2006 sales of $7.5 billion dollars and a worldwide work force of approximately 11,000 employees.
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