Eastman Chemical Enters Accelerated Share Repurchase Agreement To Repurchase $500 Mln Of Stock

(RTTNews) - Eastman Chemical Company (EMN) has entered into an accelerated share repurchase agreement with Wells Fargo, NA and Mizuho Markets Americas LLC to repurchase $500 million of Eastman's common stock. Eastman expects approximately 80% of the share repurchases under the ASR agreement on May 9, 2022. The ASR repurchases are expected to be completed by third quarter 2022.

The company noted that, with the execution of the ASR, it will have made significant progress towards target of repurchasing greater than $1 billion of shares in 2022, with approximately $750 million completed in the second quarter. Upon completion of the ASR, the company will have authorization to repurchase another approximately $2.12 billion of shares.