Eastman Chemical to cut jobs, other costs
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KINGSPORT (AP) -- Eastman Chemical Co. has announced it will slash costs by more than $100 million in 2009, mostly by cutting jobs, in response to the current economic turmoil.
In a released statement on Wednesday, the Kingsport, Tenn.-based chemical producer said at least $80 million of cost reductions would come from labor, including a reduction in contractors, part-time labor, management and the maximum vacation carry-over amount.
The company also plans to eliminate planned wage and salary increases as well as overtime when possible.
Eastman had 2007 sales of $6.8 billion and approximately 10,500 employees and is the largest manufacturing employer in Tennessee.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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