Eastman Chemical Announces 500 Million Dollar Accelerated Repurchase Agreement.
Officials with Eastman Chemical Company Headquarters in Kingsport are announcing the global specialty materials company is purchasing a large block of its outstanding shares in a 500 million dollar Accelerated Share Repurchase agreement. The investment strategy is used sometimes when its believed the stock shares of a company are undervalued. As well as benefiting investors by causing an increase in the earnings per share of the stock. Eastman stock as of Monday was priced at 109 dollars a share. Eastman had eight and a half billion dollars in revenues in 2020 and expects about 80 percent of the repurchase will take place Wednesday.