Eastman (EMN) & MKR Partner to Expand Synergex in Europe
Eastman Chemical Company EMN has chosen Meade-King Robinson & Co. Ltd. ("MKR”) as the exclusive distributor for its Synergex multifunctional amine additives across various countries in Western and Eastern Europe. Synergex enhances the performance and extends the lifespan of metalworking fluids.
MKR has been selected after a comprehensive evaluation process. MKR will manage sales operations in the United Kingdom, Italy, France, Spain, Belgium, the Netherlands, Luxembourg and other countries in both Western and Eastern Europe, including the Nordic region.
Eastman believes Synergex holds significant potential in the European market. The company plans to collaborate with MKR to expand its presence. MKR, headquartered in Liverpool, England, is a privately-owned distribution company with more than 140 years of specialization in chemicals and oils.
With a focus on the metalworking fluid sector, MKR offers a unique combination of formulation expertise, application knowledge and component insight. This enables MKR to effectively engage with existing and potential clients, explaining the benefits of Synergex and its ability to address formulation challenges.
Eastman also partners with another distributor of amine additives in Central Europe. GB Chemie GmbH handles the distribution of Synergex in Germany, Switzerland and Austria.
Shares of Eastman have gained 23.1% in the past year against a 4% decline of its industry.
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During its fourth-quarter call, the company noted an anticipated increase in volume due to the absence of client inventory destocking across its end markets, except for medical and agriculture sectors, which are expected to continue destocking in the first quarter of 2024.
EMN foresees minor primary demand increases in several stable end industries, with discretionary end markets remaining steady. It also expects to benefit from revenues and earnings generated by its Kingsport methanolysis facility. Considering these factors, the company projects 2024 earnings per share (EPS) to fall between $7.25 and $8.00, with cash from operations estimated at around $1.4 billion.
Eastman Chemical Company Price and Consensus
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
Zacks Rank & Key Picks
Eastman currently carries a Zacks Rank #3 (Hold).
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