Eastman Chemical, Conduit Global cutting jobs in Tennessee

Associated Press |

MEMPHIS, Tenn. (AP) — Eastman Chemical Co. says it is cutting an undisclosed number of jobs globally, citing "the ongoing U.S.-China trade dispute" and an economic slowdown in Europe.

Eastman spokeswoman Betty Payne said in a statement Thursday that the chemical and plastics manufacturer has seen reduced demand for its products, and it must do more to manage costs amid "tremendous uncertainty."

Eastman says is delaying salary raises for employees in certain jobs. The Kingsport, Tennessee-based company also said it is making a "modest and targeted reduction in our workforce." Payne would not share specific details.

The company reported $10.2 billion in sales last year. CEO Mark Costa said in a financial report that Eastman had a challenging fourth quarter as demand for specialty products in China fell.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     
BA

     
WMT

     
DIS

     
XOM

     

World Economic Forum at Davos 2019 - Ben Yablon Executive VP Salt Lending

Matt Bird sits down with Ben Yablon - Executive VP of Salt Lending - at the World Economic Forum in Davos January 2019