logo
  

Eastman Chemical Enters Accelerated Share Repurchase Agreement To Repurchase $500 Mln Of Stock

Eastman Chemical Company (EMN) has entered into an accelerated share repurchase agreement with Wells Fargo, NA and Mizuho Markets Americas LLC to repurchase $500 million of Eastman's common stock. Eastman expects approximately 80% of the share repurchases under the ASR agreement on May 9, 2022. The ASR repurchases are expected to be completed by third quarter 2022.

The company noted that, with the execution of the ASR, it will have made significant progress towards target of repurchasing greater than $1 billion of shares in 2022, with approximately $750 million completed in the second quarter. Upon completion of the ASR,
the company will have authorization to repurchase another approximately $2.12 billion of shares.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Communications Commission or FCC has granted SpaceX Services, Inc. authorization to use its Starlink satellite internet system on vehicles in motion. SpaceX, owned by Elon Musk, is allowed to operate consumer and enterprise Ku-band Earth Stations in Motion or ESIM using frequencies allocated to the fixed satellite service. The approval would help the company to expand its services to Loud Muscle Science, LLC is recalling certain Launch Sequence products in the United States and Canada citing the presence of undeclared Tadalafil, the U.S. Food and Drug Administration said. These tainted Launch Sequence Capsule products are marketed as dietary supplements for male sexual enhancement. The U.S. Food and Drug Administration announced the intended availability of around 17 million bottles equivalent of general infant formula to be imported from New Zealand and Ireland. Under the FDA's enforcement discretion to source more infant formula to the U.S., French food company Danone SA will send 555,000 cans Aptamil Gold Plus from New Zealand.
Follow RTT