U.S. Markets open in 39 mins

Eastman adding 300 jobs, spending $1.6 billion

KINGSPORT, Tenn. (AP) -- Eastman Chemical Co. will put $1.6 billion into an expansion in Tennessee that will create 300 new jobs.

The announcement Wednesday morning came from Eastman officials and Gov. Bill Haslam.

The expansion is called Project Inspire. Eastman management said it will invest in new growth opportunities, safety and environmental projects, increased warehouse space, building renovations and expansion of its corporate campus in Kingsport.

The new jobs will be added over seven years.

Eastman is the largest employer in northeast Tennessee.

Eastman Chairman and CEO Jim Rogers noted the project will conclude during the company's 100th year in Kingsport.