Eastman Announces Name for New PET Plastics, Acetate Fibers Company

Eastman Announces Name for New PET Plastics, Acetate Fibers Company

Press Release

KINGSPORT, Tenn . — Aug. 7, 2001 — (BUSINESS WIRE) Eastman Chemical Company (NYSE:EMN - news) today announced that Voridian Company will be the name of the company that will manufacture and market its PET plastics, acetate fibers and polyethylene product lines when the global chemical company separates into two independent companies at year-end.

Eastman Chemical Company is pursuing a previously announced plan to separate into two public companies - a specialty chemicals and plastics company that will be known as Eastman Company and the newly named Voridian (pronounced vo-RID-e-un) for PET plastics, acetate fibers and polyethylene products. Voridian will be an international company with nine strategically located manufacturing sites in seven countries on three continents, as well as two contract manufacturing sites in Asia and one in North America.

“Voridian is a great name for what will be a strong and innovative company with world leadership positions in PET plastics and acetate fibers,” Allan R. Rothwell, CEO-designate, said in announcing the name. “The new name is based on words that mean stability, growth and prosperity. And while our corporate brand is new, we will launch our new public company as an established industry leader that has served customers for 82 years.

“We believe our stakeholders who have known us as Eastman will regard the launch of Voridian as a reaffirmation of our commitment to customers in the industries we serve,” said Rothwell. He said that when launched, Voridian will be focused sharply on customers in industry sectors it knows well, having decades of experience with PET plastics, acetate fibers and polyethylene.

Rothwell said Voridian's management team has an average of 26 years in manufacturing and marketing these products and will launch with a sound plan for serving customers as well as growth, while demonstrating the financial discipline and operational expertise to manage for the long term.

“We want Voridian to be known as a great place to work,” he continued. “We expect Voridian to be a streamlined organization that values decision-making at all levels. We also want to be known as an exemplary corporate citizen. Our commitment to the communities in which we operate begins with being a preferred employer as well as a responsible manufacturer committed to product quality and the principles of Responsible Care.”

“I look forward to Voridian establishing its own unique identity, while retaining its legacy of strength, market leadership, quality products, employee appreciation, community support and customer service instilled as a part of Eastman Chemical Company,” Rothwell said.

He said the new Voridian logo and other corporate identity materials will be unveiled during the third quarter.

More information about Eastman Chemical Company and the pursuit of its plan to separate into two public companies by the end of 2001 can be found on www.eastman.com in the news center section. Eastman, with headquarters in Kingsport, manufactures and markets chemicals, fibers and plastics. It has approximately 16,000 employees in 30 countries and had 2000 sales of $5.3 billion.

Responsible Care is a registered service mark of the American Chemistry Council.

Contact:

Eastman Chemical Company, Kingsport

Media: Nancy Ledford, 423/229-5264

nledford@eastman.com

or

Investors: Mary Ann Arico, 423/229-8692

maarico@eastman.com