logo
  

Eastman Announces $500 Mln Accelerated Share Repurchase; Increases Share Repurchase By $2.5 Bln

Eastman Chemical Company (EMN) said that it has reached an accelerated share repurchase agreement with Barclays Bank and Royal Bank of Canada to repurchase $500 million of Eastman's common stock.

The accelerated share repurchase is in addition to previously planned repurchases, and the company is now targeting $1 billion of repurchases in 2021.

The company also said that its board has increased the company's share repurchase authorization by $2.5 billion.

ASR repurchases will be under the previous February 2018 $2 billion Board share repurchases authorization. Upon completion of the ASR, Eastman will have authorization to repurchase another approximately $2.85 billion of shares.

Eastman expects about 80% of the share repurchases under the ASR agreement (3.7 million shares) on December 8, 2021. The ASR repurchases are expected to be completed in the first quarter of 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Oilfield services company Schlumberger Ltd. reported Friday a profit for the fourth quarter that surged 61 percent from last year, reflecting 13 percent higher revenues amid growth across all segments and regions. Both adjusted earnings per share and quarterly revenues topped analysts' estimates. Twitter Inc. has launched a new feature to allow some users of its Blue subscriber service to keep non-fungible tokens or NFTs as their profile pictures. Twitter Blue is now available in the US, Canada, Australia, and New Zealand. NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. Frozen Food Development is recalling specific lots of Lidl branded 12-ounce packages of Frozen Chopped Spinach citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The product comes in 12-ounce poly bags, and items included in the recall are marked with lot # R17742 or R17963 on the back of the poly bag with a best by date of 09/10/23.
Follow RTT