Eastman to Sell Texas City Operations to INEOS Acetyls for $490 Million - Seite 2

The sale, subject to regulatory approvals and satisfaction of other customary closing conditions, is expected to be completed in the fourth quarter of 2023. The agreement contains customary representations, warranties, and covenants of both parties.

Beginning in the third quarter of 2023 and until sale, the assets of the Texas City acetyl operations will be reported as held for sale.

Non-GAAP Financial Measures

Earnings in this release exclude certain non-core and unusual items. “Adjusted net earnings attributable to Eastman” is net earnings attributable to Eastman adjusted for non-core and unusual items. “Adjusted earnings per share” is diluted earnings per share attributable to Eastman adjusted for non-core and unusual items. Reconciliations to the most directly comparable GAAP financial measures and other associated disclosures, including a description of the excluded and adjusted items, are available in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Forms 10-K and 10-Q filed with the SEC for the periods for which non-GAAP financial measures are presented.

Eastman’s financial results forecasts do not include non-core, unusual, or non-recurring items. Accordingly, management is unable to reconcile projected full-year 2023 adjusted earnings per share to projected GAAP earnings per share without unreasonable efforts.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In this context, forward-looking statements often address expected future business and financial performance and condition, and often contain words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” and similar expressions and variations or negatives of these words. These forward-looking statements relate to, among other things, the proposed transaction between Eastman and INEOS Acetyls, the expected timetable for completing the proposed transaction, the use of proceeds from the divestiture, and the impacts and benefits of the proposed transaction. Such forward-looking statements are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans. Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Although Eastman believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company’s filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov and the company’s website at www.eastman.com.