Add Eastman Chemical Co. and Celanese Corp. to the list of specialty chemicals and plastics firms that weren't happy with their 2019 financial results.
Sales at Kingsport, Tenn.-based Eastman were down almost 9 percent to a little less than $9.3 billion, as profit slumped almost 30 percent to $762 million.
Eastman's Advanced Materials unit, including Tritan-brand copolyester resins, fared better than the firm overall, with sales down only 2 percent to just under $2.7 billion and pretax profit up almost 2 percent to $517 million. Advanced Materials ranked second among Eastman's four operating units in 2019 with a 29 percent share of sales.
"We enter 2020 in a period of significant uncertainty related to macro factors that are out of our control," Chairman and CEO Mark Costa said in a news release. "In this environment, we are focused on what we can control, including growing new business revenue by leveraging our innovation-driven growth model, aggressive cost management, and disciplined capital allocation.