Eastman Chemical Company
) has entered into an agreement with Chapel Hill-based University
of North Carolina (UNC) to conduct research in the fields of
chemistry and materials science. The collaboration complements
the earlier announced agreement between Eastman Chemical and
North Carolina State University.
The agreement offers at least $1.5 million over a period of 6
years to aid the collaboration between Eastman Chemical
scientists and UNC scientists, staff and students. Eastman
Chemical and UNC will make joint efforts to bring innovative new
ideas and technologies in market that run faster than traditional
This collaboration involves a series of programs including
research projects, visits to both the UNC campus and Eastman
Chemical manufacturing facilities and identifying and applying
for federal or other funding opportunities.
Under the agreement, UNC's chemistry faculty members will address
Eastman Chemical developed problem statements or 'Requests for
Proposals' (RFP) by submitting research proposals periodically.
Eastman Chemical will then select the given UNC proposals for
funding each year. The first decision regarding the projects is
expected in spring 2013.
Last month, Eastman Chemical released its fourth-quarter 2012
results. The company slipped to a loss in the quarter hurt by
losses related to pension benefit and other charges. Adjusted
earnings, however, matched the Zacks Consensus Estimate. Revenues
rose at a double-digit clip riding on the contributions of
Solutia acquisition, but missed the Zacks Consensus Estimate.
Eastman Chemical's diversified chemical portfolio, along with its
integrated and diverse downstream businesses remains its
strength. It also benefits from business restructuring,
cost-cutting measures and increased capacity additions. However,
the company remains exposed to weak pricing. Uncertainty
regarding the timing of a recovery in Europe also remains as
Eastman Chemical currently maintains a Zacks Rank #2 (Buy).
Other companies in the chemical industry worth considering are
Akzo Nobel NV
). All of these hold a Zacks Rank #1 (Strong Buy).
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EASTMAN CHEM CO (EMN): Free Stock Analysis
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