Work continues around a storage tank with the chemical designation MCHM, 4-methylcyclohexane methanol, the chemical that leaked into the Elk River, at Freedom Industries storage facility in Charleston, W.Va., Monday, Jan. 13, 2014.
Legal fallout from the accidental chemical spill that affected the water supply for 300,000 West Virginians has landed at the doorstep of Kingsport, Tenn.-based Eastman Chemical.
Eastman, a specialty chemicals manufacturer, is among the defendants named in a suit filed Monday in U.S. District Court in Charleston, W. Va., according to published reports.
The publicly traded company makes 4-methylcyclohexane methanol, or MCHM, the chemical that leaked into the Elk River in Charleston, W.Va., last week. MCHM is used in coal processing
The spill came from a storage tank at a Freedom Industries, which is also a defendant in the lawsuit.
Eastman has not commented on the lawsuit, according to the Wall Street Journal.
So far the company’s stock price has not suffered. Shares were 69 cents higher at $79.98 in early afternoon trading today.
Click here for a Bloomberg report on the legal fallout from the spill.
Click here for a Wall Street Journal report.
Knoxville metal shop Steel Plate Fabricators is one of 15 employers nationwide to win the 2013 Secretary of Defense Employer Support Freedom Award, the defense department announced.
Eastman Chemical, a Kingsport, Tenn.-based maker of specialty chemicals, also won this year’s award.
The award is the highest civilian recognition presented by the defense department and is given to employers who demonstrate exceptional support for employees serving in the Guard and Reserve.
“I am very humbled by it. “I’m a little bit overwhelmed,” Steel Plate President Mike Russell said Wednesday. It’s quite an honor and we’re proud to have won the award. We have a great team here.”
Knoxville metal shop Steel Plate Fabricators is one of two East Tennessee companies to be named a finalist for 2013 Secretary of Defense Employer Support Freedom Award.
Also named a finalist is specialty chemicals maker Eastman Chemical of Kingsport, Tenn., Employer Support of the Guard and Reserve, a Department of Defense office announced Tuesday.
The Freedom Award is the Defense Department’s highest recognition presented annually to employers “for going to extraordinary lengths” to support their employees who serve in the Guard or Reserve.
Eastman Chemical is expected to report increased profit when it files its third quarter earnings report on Thursday.
Analysts are looking for a profit of $1.42 per share, which would be a 19 percent increase from $1.19 per share in the 2011 third quarter.
Eastman shares were down about 30 cents to $55.78 in early afternoon trading. The Kingsport, Tenn, company is a global producer of chemicals, plastics, and fibers.
TVA and Eastman Chemical are among three Tennessee companies named semifinalists for the 2012 Secretary of Defense Employer Support Freedom Award.
The award is the highest recognition given by the Department of Defense to employers for their support of employees who are members of the National Guard and Reserve.
Nationwide, 133 employers were selected as semifinalists from more than 3,200 nominations, according to Employer Support of the Guard and Reserve, a Defense Department agency.
After years of trying, Eastman Chemical finally has found a way to make money off its PET business — sell it.
The Kingsport, Tenn.-based company announced on Monday it is selling its “PET business and related assets and technology of its Performance Polymers segment” for $600 million to DAK Americas LLC, a subsidiary of the Mexican conglomerate Alfa.
PET, or polyethylene terephthalate, is used in synthetic fibers and food and drink containers.
Second quarter earnings are turning out pretty good for publicly traded companies with East Tennessee connections — much to the surprise of analysts.
On Thursday, Greeneville-based air freight company Forward Air reported its 2Q profit nearly tripled and Maryville-based restaurant chain Ruby Tuesday reported a profit of $21 million, up 45 percent from a year ago.
Earlier this month, aluminum maker Alcoa reported a profit of $136 million, a reversal of fortune from a loss of $454M a year ago. Even First Horizon National Corp., parent of First Tennessee bank, has returned to profitability with a slender profit of $2.7 million, or 1 cent per share.
Will the trend continue? Will analysts predictions be any better?