Eastman Chemical Co. has announced it will slash costs by more than $100 million in 2009, mostly by cutting jobs, in response to the current economic turmoil.
In a released statement on Wednesday, the Kingsport, Tenn.-based chemical producer said at least $80 million of cost reductions would come from labor, including a reduction in contractors, part-time labor, management and the maximum vacation carry-over amount.
The company also plans to eliminate planned wage and salary increases as well as overtime when possible.
Eastman had 2007 sales of $6.8 billion and approximately 10,500 employees and is the largest manufacturing employer in Tennessee.
Taken from Wate.com
