Eastman Chemical Co.'s Advanced Materials unit — which includes copolyester materials and specialty film — saw its sales and operating earnings both increase in 2015.
Advanced Materials' sales for 2015 grew 1.5 percent to just over $2.4 billion, while operating earnings ballooned almost 40 percent to $409 million. Based on sales, Advanced Materials was the largest of Eastman's five business units in 2015, generating just over 25 percent of total sales.
In a Jan. 28 news release, officials with Kingsport, Tenn.-based Eastman said that Advanced Materials' sales increased in part because of the early 2015 acquisition of window film maker Commonwealth Laminating & Coating Inc. of Martinsville, Va.
Commonwealth brought Eastman annual sales of about $100 million in window films and specialty films for automotive, architectural and protective uses, including solar protection.
The improvement in operating earnings for Advanced Materials was pegged to higher sales volume improved product mix, earnings from the acquired business and lower raw material and energy costs.
Companywide, Eastman in 2015 saw sales grow 1.3 percent to almost $9.65 billion as profit improved 13 percent to $854 million.
“These results reflect the strength and robustness of our strategy to transform towards a specialty portfolio as we managed through a very challenging global business environment,” Chairman and CEO Mark Costa said in the release.
