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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
EMN — frequently asked questions
Is Eastman Chemical Company overvalued?
In our latest published analysis dated 2026-10-15, EMN looks modestly undervalued. The price recorded at analysis is 62,9 USD versus our fair value of 70,1 USD; the high endpoint is presented separately as potential value of 91,3 USD. That implies roughly 11.4% upside to fair value at that date.
Our latest published report, analyzed 2026-10-15, gives EMN a fair value of 70,1 USD and a potential value of 91,3 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Eastman Chemical Company's archetype; it is a dated research output, not a live price.
Should I buy EMN now?
Our latest published rating for EMN, analyzed 2026-10-15, is Buy. Eastman Chemical Company looks modestly undervalued at the analysis-date price of 62,9 USD versus fair value of 70,1 USD; potential value is 91,3 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for EMN?
The dedicated bear-case section in our report analyzed 2026-10-15 documents Eastman Chemical Company's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is EMN's rating?
Our latest published rating for EMN, analyzed 2026-10-15, is Buy, with a published moat assessment of 6.5/10 (Narrow). It reflects our fair value of 70,1 USD, the potential value of 91,3 USD, and the price recorded at analysis (62,9 USD).
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§1 RésuméEN
Réponse en 30 secondesBuy
Prix par rapport à la valeur
Cours
$62.88
Juste valeur
$70.07
Valeur potentielle
$91.33
Au
2026-10-14
Pourquoi le scénario peut fonctionner
Successful commercialization and full capacity ramp of Kingsport molecular recycling operations, delivering mix-accretive circular polymers with above-average variable margins.
Ce qui changerait notre avis
Severe feedstock spread compression in Chemical Intermediates combined with synchronized global industrial manufacturing stagnation.
We rate Eastman Chemical Company Buy with an intrinsic Fair value of $70.07, representing 11.4% upside from the analysis price of $62.88 as operating margins recover from cyclical lows.
The house rating is Buy. For an investor, this recommendation indicates an attractive opportunity to build exposure to a specialty materials leader as multi-year structural cost initiatives and operational volume improvements take hold.
Shares traded at $62.88 on $62.88 (as of 2026-10-14), standing at an appealing discount to our Fair value of $70.07 and well below our Potential value of $91.33. This gap provides 11.4% upside to the midpoint as cyclical earnings power normalizes.
The primary investment risk is prolonged macroeconomic weakness in Chemical Intermediates, where segment sales stood at $1,925 million in FY2025, combined with customer destocking across global end markets. If raw material and energy inflation outpace contract adjustments, consolidated could remain depressed below the 8.87% level recorded in FY2025.
The central catalyst for value creation is the realization of $125 million to $150 million in affirmed net structural cost reductions for 2026, combined with the operational ramp of the Kingsport molecular recycling facility toward full capacity. Expanding high-margin recycled polymer output upgrades product mix and drives earnings toward consensus FY2027 diluted EPS of $6.79.1,4
Structural Cost Transformation
Management affirmed delivery of $125 million to $150 million in net structural cost reductions for 2026, directly expanding operating margins from cyclical lows.4
Proprietary Molecular Recycling Scale
Plant trials confirm operational capability to ramp Kingsport rPET to full capacity, delivering premium margin mix to Advanced Materials.4
Disciplined Specialty Pricing and Contract Protection
Formulaic pass-through agreements cover raw material, energy, and logistics inflation, preserving market share and cash flow stability.4
Recommandation maison
We recommend a Buy rating because structural cost reductions and commercial scaling in circular specialty plastics provide 11.4% upside to our Fair value of $70.07.
Présentation de l’entreprise
Eastman Chemical Company is a global specialty materials producer that manufactures differentiated chemicals, fibers, and performance plastics. The company operates through four principal segments: Additives & Functional Products, Advanced Materials, Chemical Intermediates, and Fibers.
The company leverages integrated technology platforms across cellulosic biopolymer, acetyl, olefins, polyester, and alkylamine streams to manufacture high-value specialty products with cost-advantaged scale. Chemical Intermediates consumes key feedstock streams to support internal specialty operations while selling surplus intermediate chemicals into industrial, construction, and consumer packaging markets.
Eastman serves a diversified global customer base across transportation, building and construction, consumer goods, and agriculture, generating $3,662 million in domestic sales and $4,140 million across international markets in FY2025.
§2 Cas baissierEN
In a severe cyclical downturn, prolonged end-market weakness in Chemical Intermediates from Middle East logistics tensions combines with extended customer hesitation to build inventories. If technical line-out hurdles at Kingsport further delay commercial rPET volume shipments, consolidated operating margins remain depressed near FY2025's 8.87% level. Under these stress conditions, earnings per share would fail to reach the consensus FY2026 forecast of $6.35, testing downside valuation levels near $50.80.
The downside path contemplates extended industrial contraction, severe raw material spread compression, and delayed commercialization of molecular recycling assets. Under these conditions, customer destocking persists across domestic and foreign end markets while feedstock cost inflation erodes profitability in intermediate chemical chains. The reader would identify this path unfolding through declining segment volumes, persistent plant turnaround cost overruns, and an inability to maintain price discipline during contract renewals over the coming fiscal periods.
Comment cette thèse peut échouer
Severe Feedstock Spread Compression and Plant Turnaround Cost Overruns
Energy headwinds and raw material inflation compress product spreads while utilizations remain depressed, exacerbated by Middle East logistics disruptions in Chemical Intermediates and $40M-$45M in quarterly turnaround headwinds, driving operating margins below FY2025's 8.87% EBIT level.3,4
FV impact
0%
Operating margin 3 points lower throughout
Trigger
Within 12 months
Signaux d'alerte précoce à surveiller
Les cinq évolutions qui affaibliraient notre thèse d’investissement.
Operating margin fails to rebound into the 11.0% to 12.0% range, indicating structural cost savings of $125M-$150M are being absorbed by raw material inflation and turnaround costs.
Actuel :8.87% in FY2025
Alerte siBelow 9.0% in FY2026
02
§3 Avantage concurrentielEN
Narrow
Eastman Chemical Company possesses a Narrow economic moat underpinned by customer switching costs in formulated specialty additives and proprietary technology platforms in advanced circular polymers. The company's specialty portfolio is tightly integrated with customer manufacturing processes in high-specification end markets such as automotive interlayers, aviation fluids, and medical packaging, creating significant friction and qualification barriers for competing alternatives.
The competitive advantage is reinforced by cost advantages stemming from large-scale vertical integration across cellulosic biopolymer, acetyl, and olefins chemical streams. By supplying internal feedstock requirements to downstream specialty businesses at advantaged cost, Eastman protects variable margins while commercializing surplus intermediates in global merchant markets.
Pricing discipline and contractual cost pass-through mechanisms further defend the company's economic returns. During inflationary periods, formulaic pass-through agreements across specialty lines insulate earnings from raw material and energy cost surges without incurring market share losses.
Profit économique
Eastman's mid-cycle normalized returns on invested capital are positioned to exceed its moderate cost of equity of 9.63%, established via a risk-free rate of 5.21%, an equity risk premium of 4.20%, and an adjusted beta of 1.0535. While FY2025 EBIT of $776 million reflected cyclical trough conditions, economic profits are expected to expand as operating margins recover toward 11.0% to 12.0%.2,3
6.5/ 10
Narrow
Sources of advantage
01Customer Switching Costs — Specialty interlayers and performance additives are embedded into mission-critical customer specifications in aviation, automotive, and packaging applications, where formulaic cost pass-through agreements support margin stability.Moderate
02Cost Advantage via Vertical Integration — Integrated production streams across cellulosic biopolymers, acetyls, and olefins enable high asset utilization and low unit conversion costs, supplying captive feedstocks to specialty units.Moderate
03Intangible Assets and Process Technology — Proprietary polyester renewal molecular recycling technology operating at Kingsport provides differentiated, drop-in circular plastics with variable margins above the corporate average.
Menaces connues pour l'avantage
Menace
Gravité
Calendrier
Atténuation
Volatile raw material and energy input costs compressing intermediate product spreads
medium
6 to 12 months
Formulaic contractual cost pass-throughs and disciplined price increases implemented across commercial accounts.4
Line-out bottlenecks and delayed commercial adoption of circular polymers
The highlighted cell is Fair value when every assumption sits at its base level ($70.07). Each row and column shows what Fair value becomes when one assumption moves.
Global industrial manufacturing demand reaccelerates sharply, driving strong volume recovery across specialty segments.
Kingsport circular renewal facility reaches full nameplate capacity with premium product mix realization.
Formulaic cost pass-through agreements preserve price realization while raw material and energy costs decline.
In the upside path, shares reach $91.33 with an estimated probability of 20.0%, offering an implied return of 45.2% from $62.88. This scenario requires global industrial activity to reaccelerate rapidly, lifting volume demand across specialty additives and advanced materials. Simultaneously, the Kingsport circular plastics platform must ramp seamlessly to full nameplate capacity, capturing premium mix pricing from major consumer brands. Disconfirmation would occur if quarterly volume growth stalls or if customer price increases are rolled back under peer competitive pressure by the middle of FY2027.
Management achieves affirmed net structural operating expense reductions across the organization.
Commercial ramping at Kingsport progresses through mechanical line-out stages toward full utilization.
§7 Arbre de décision sur les résultatsEN
Dépassé
Maintain Buy; Maintain position and evaluate expanding allocation toward maximum portfolio limits while verifying that volume acceleration extends into subsequent quarters.
Déclencheur: Consolidated quarterly revenue and operating profit exceed consensus expectations, accompanied by operating margin expansion above normalized target trajectories.
A quarterly beat indicates accelerated operational absorption from structural cost reduction programs alongside rapid customer adoption of molecular recycling volumes, validating faster earnings normalization.
Conforme
Maintain Buy; Rebalance position in line with portfolio risk limits and continue tracking circular polymer facility utilization milestones.
Déclencheur: Quarterly financial results meet consensus revenue and earnings expectations, with operating margins tracking within projected recovery ranges.
In-line execution demonstrates that affirmed net cost savings are being delivered as scheduled and that specialty pricing power remains intact despite ongoing macroeconomic caution.
Manqué
Downgrade the rating; Pause additional capital deployment, reassess the operational timeline for Kingsport facility commercialization, and review downside protection thresholds.
Déclencheur: Quarterly revenue contracts and operating margins decline below cyclical trough levels due to unrecovered raw material inflation or plant turnaround overruns.
A significant quarterly shortfall would indicate that cost takeouts are being overwhelmed by feedstock inflation or that mechanical bottlenecks at the circular recycling plant are worsening.
Qualité des résultats
Earnings quality is supported by solid cash conversion through cyclical trough conditions, with operating cash flow continuing to exceed net income. Working capital management remains disciplined, and inventory balances are actively aligned with customer ordering patterns. High contractual cost pass-through coverage across formulated specialty lines reinforces gross margin durability, ensuring that reported earnings accurately reflect underlying operational performance rather than accounting accruals.
Dynamique des estimations
Consensus analyst revisions have stabilized following recent earnings disclosures, reflecting balanced expectations as affirmed structural cost savings offset near-term macroeconomic slowness.
ActuelManagement has affirmed net structural cost reduction delivery while implementing disciplined price increases across specialty lines.
Pourquoi c'est important
Operating margin expansion reveals whether structural cost reductions are dropping to the bottom line or being consumed by input cost inflation, directly driving mid-cycle earnings power per share.
Eastman demonstrated resilient cash generation during cyclical trough conditions, producing $970 million in operating cash flow and $424 million in free cash flow in FY2025. Operating income reached $931 million, supporting ongoing capital expenditure of $546 million against depreciation of $513 million. As management delivers on $125 million to $150 million in affirmed net structural cost reductions for 2026 and working capital needs stabilize, operating cash conversion is expected to strengthen meaningfully.3,4,5,6
Return on invested capital is troughing following cyclical margin compression in FY2025 where EBIT was $776 million. ROIC is projected to expand steadily over the five-year forecast horizon as operating margins expand from 8.87% toward 12.0% on structural cost takeouts and higher circular specialty plant utilization.
Normalized mid-cycle ROIC is projected to comfortably exceed Eastman's moderate cost of equity of 9.63%, derived from a 5.21% risk-free rate, 4.20% equity risk premium, and 1.0535 adjusted beta, confirming positive economic value added across the cycle.
Dernier chiffre d’affaires8,8 Md $USTCAC du chiffre d’affaires −0,3 %
Marge opérationnelle10,6 %10 périodes fiscales
Dernier flux de trésorerie disponible424 M $USFY2025
Dette nette4,5 Md $USFY2025
Décomposition du compte de résultatComment la taille de l’activité se traduit en bénéfice publié.30 juin 2026
StockMarketAgent.AI
Chiffre d'affaires2,5 Md $USCoût des ventes−2 Md $USMarge brute560 M $USCharges d’exploitation−250 M $USRésultat d'exploitation310 M $USÉléments hors exploitation et impôts−127 M $USRésultat net183 M $US
Données de l’historique financier
Chiffre d'affaires
2 513 000 000 $US
Coût des ventes
1 953 000 000 $US
Marge brute
560 000 000 $US
Charges d’exploitation
250 000 000 $US
Résultat d'exploitation
310 000 000 $US
Éléments hors exploitation et impôts
-127 000 000 $US
Résultat net
183 000 000 $US
Aperçu du bilanComment les actifs publiés sont détenus et financés pour la période sélectionnée.
StockMarketAgent.AI
Composition des actifsFinancé par
Total de l’actif14,9 Md $USTrésorerie566 M $USActifs courants3,6 Md $USTotal du passif8,8 Md $USPassifs courants2,7 Md $USCapitaux propres6 Md $US
Données de ventilation du bilan
Total de l’actif
14 859 000 000 $US
Trésorerie
566 000 000 $US
Actifs courants
3 645 000 000 $US
Total du passif
8 822 000 000 $US
Passifs courants
2 652 000 000 $US
Capitaux propres
6 037 000 000 $US
Passerelle des flux de trésorerieComment le flux de trésorerie d’exploitation est devenu du flux de trésorerie disponible en FY2025.
StockMarketAgent.AI
Rapprochement des flux d’exploitation
Résultat net474 M $USDotations aux amortissements+513 M $USAutres ajustements opérationnels−17 M $USFlux de trésorerie d'exploitation970 M $US
Rapprochement de la trésorerie d’ouverture à la clôture
Trésorerie d’ouverture837 M $USFlux de trésorerie d'exploitation+970 M $USFlux d’investissement−462 M $USFlux de financement−797 M $USEffet de change+18 M $USTrésorerie de clôture566 M $US
970 M $US − 546 M $USFlux de trésorerie disponible 424 M $US
Données de la passerelle des flux de trésorerie
Résultat net
474 000 000 $US
Entrées d’exploitation
987 000 000 $US
Dotations aux amortissements
513 000 000 $US
Flux de trésorerie d'exploitation
970 000 000 $US
Sorties d’exploitation
17 000 000 $US
Trésorerie disponible
1 825 000 000 $US
Trésorerie d’ouverture
837 000 000 $US
Effet de change
18 000 000 $US
Sorties d’investissement
462 000 000 $US
Sorties de financement
797 000 000 $US
Rachats d’actions
100 000 000 $US
Dividendes versés
381 000 000 $US
Remboursement net de dette
304 000 000 $US
Autres activités de financement
12 000 000 $US
Trésorerie de clôture
566 000 000 $US
Flux d’investissement
-462 000 000 $US
Flux de financement
-797 000 000 $US
Chiffre d’affaires par secteur opérationnelPart du chiffre d’affaires total pour 2025-12-31.
8,8 Md $USChiffre d’affaires total
Chiffre d’affaires par secteur opérationnelPart
Additives And Functional Products2,9 Md $US32,9 %+0,6 % sur un an
Advanced Materials2,9 Md $US32,9 %−5,6 % sur un an
Chemical Intermediates1,9 Md $US22 %−9,8 % sur un an
Fibers1,1 Md $US12 %−20,3 % sur un an
Source: SEC EDGAR · Déposé le 2026-02-13 · SEC EDGAR
Données de répartition du chiffre d’affaires: Chiffre d’affaires par secteur opérationnel
Chiffre d’affaires par secteur opérationnel
Chiffre d'affaires
Part
sur un an
Additives And Functional Products
2,9 Md $US
32,9 %
0,6 %
Advanced Materials
2,9 Md $US
32,9 %
-5,6 %
Chemical Intermediates
1,9 Md $US
22 %
-9,8 %
Fibers
1,1 Md $US
12 %
-20,3 %
Chiffre d’affaires par zone géographiquePart du chiffre d’affaires total pour 2025-12-31.
8,8 Md $USChiffre d’affaires total
Chiffre d’affaires par zone géographiquePart
All Foreign4,1 Md $US47,3 %−8,7 % sur un an
United States3,7 Md $US41,8 %−2,9 % sur un an
China950 M $US10,9 %−11,5 % sur un an
Source: SEC EDGAR · Déposé le 2026-02-13 · SEC EDGAR
Données de répartition du chiffre d’affaires: Chiffre d’affaires par zone géographique
Chiffre d’affaires par zone géographique
Chiffre d'affaires
Part
sur un an
All Foreign
4,1 Md $US
47,3 %
-8,7 %
United States
3,7 Md $US
41,8 %
-2,9 %
China
950 M $US
10,9 %
-11,5 %
Chiffre d’affaires et résultatsComment la taille de l’activité se traduit en bénéfice publié.
Trésorerie et detteLiquidités disponibles face à l’endettement total.
Génération de trésorerieFlux de trésorerie d’exploitation comparé au flux de trésorerie disponible.
RentabilitéÉvolution des marges brute, opérationnelle et nette.
Données financières ponctuelles utilisées dans l’analyse du 2026-10-15.
Eastman Chemical Company (EMN) trades at 9.2x forward earnings against a peer median of 14.1x. Its EV/EBITDA of 8.6x compares with a peer median of 11.4x. The comparison uses 4 peers: DuPont de Nemours Inc., Albemarle Corporation, International Flavors & Fragrances Inc. and PPG Industries Inc., as of 2026-10-15.
§10 Secteur et cycleEN
Phase du cycle
Trough
The basic materials sector displays capital discipline, with industry capex-to-depreciation standing at 1.55 and industry capex-to-revenue at 4.1%, while industry operating margins average 12.4%. Eastman's own capital expenditure of $546 million aligned closely with depreciation of $513 million, demonstrating disciplined capacity additions.
Cycle haussier
An upturn driven by global industrial manufacturing reacceleration, end-market inventory restocking, and expanding price-cost spreads, propelling Eastman's operating margins above the industry benchmark of 12.4%.
Cycle baissier
A protracted cyclical downturn characterized by persistent high energy feedstocks, customer destocking, and weak building and construction demand, holding operating margins below 9.0%.
Tendances séculaires
Tendance
Impact
Note
Transition to Circular Plastics and Sustainable Packaging
positive
Rising regulatory mandates and brand owner sustainability commitments drive sustained demand for certified recycled polymers, positioning Eastman's Kingsport polyester renewal technology for premium growth.
High-Performance Materials Formulations
positive
Expanding demand for advanced interlayers in automotive acoustic and heads-up display applications, alongside specialty films, creates long-term volume tailwinds for Advanced Materials.
Positionnement
Eastman is strategically positioned as a differentiated specialty producer with 41.8% of FY2025 revenues generated in the United States and 47.3% across international markets. Its contractual pass-through structures and proprietary molecular recycling platform allow it to defend margins better than pure commodity peers.4,7
§11 Gestion de positionEN
Taille de position
3-4%
A moderate position weighting reflects the attractive upside toward our Fair value balanced against cyclical exposure in chemical intermediates and near-term line-out pacing in circular plastics.
Risque
Risk management centers on monitoring gross margin durability across raw material price cycles and verifying the execution of affirmed cost takeout milestones. Capital should be allocated in staggered tranches to mitigate downside from broader industrial manufacturing weakness, while portfolio exposure is capped within disciplined cyclical sector guidelines.
Tranches d'entrée
Niveau
Action
Pourquoi
$62.88
Initiate Primary Tranche
Establish initial position at $62.88 as share prices trade at a meaningful discount offering 11.4% upside to Fair value.
Extended pullback
Accumulate Secondary Tranche
Deploy additional capital on extended pullbacks, securing an expanded margin of safety against cyclical intermediate volatility.
Eastman trades at an attractive valuation relative to normalized mid-cycle earnings power, providing 11.4% upside to Fair value as operating profit recovers.
Specialty Turnaround Investor
Buy
Management's delivery on structural cost savings programs alongside pricing discipline provides clear operational leverage as customer order volumes normalize.
Long-Term Sustainability Investor
Buy
Proprietary molecular recycling infrastructure establishes a durable competitive moat in circular plastics, capturing high-margin premium demand over a multi-year horizon.
§14 Recommandation finaleEN
Action
Acheter
We recommend a Buy rating on Eastman Chemical Company. Shares traded at $62.88 on $62.88 (as of 2026-10-14), offering 11.4% upside to our Fair value of $70.07 and substantial long-term optionality toward Potential value of $91.33.
The investment thesis is driven by structural cost reductions, volume recovery across formulated specialty plastics, and margin expansion from commercial molecular recycling operations.
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Sources
The records this analysis drew on, as they stood when it was run.
Analyst consensusData as of 2026-10-15 · Published 2026-10-15 · Provider-adjusted · cited for 3 figuresCited in Résumé, Cas baissier
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Cyclical Valuation Derating on Persistent Commodity Mix Drag
Sluggish customer adoption in specialty packaging and weakness in Chemical Intermediates cause the market to re-rate Eastman toward commodity chemical peers like Albemarle at 8.7x rather than specialty multiples, compressing the terminal P/E from 11.0x.3,7
FV impact
-6.5%
Terminal multiple 20% lower
Trigger
Within 18 months
Synchronous Global Industrial Stagnation and Customer Destocking
Management reports widespread macroeconomic weakness across both domestic and foreign markets with customers unwilling to build inventory, while Kingsport rPET line-out challenges constrain volume ramp, invalidating the projected FY2026 revenue rebound to $9.26B.1,4,7
FV impact
-2%
Revenue and EPS growth 5 points lower for five years
Synchronous economic weakness across the United States ($3,662 million in FY2025) and foreign markets ($4,140 million in FY2025) prevents volume recovery.
Project revenue, apply a terminal EV/revenue multiple, discount enterprise value, subtract net debt, and divide by diluted shares.
How this lens was calculated
Inputs used in this report
North American and European industrial end-market demand normalizes without severe recessionary shock.
The modal path projects shares achieving $70.07 with an estimated probability of 55.0%, generating an implied return of 11.4% relative to $62.88. For this path to unfold, management must execute on affirmed structural cost savings programs while operational line-out progress at the Kingsport facility enables orderly volume expansion across FY2026 and FY2027. This path would be disconfirmed if operating margins fail to expand above cyclical trough levels or if customer destocking in chemical intermediates persists past the conclusion of FY2026.
Mechanical line-out challenges prompted initial pacing adjustments, but plant testing has demonstrated operational capability to run at full capacity.
Pourquoi c'est important
Operational ramp to full capacity demonstrates commercial viability of the circular technology, unlocking mix-accretive variable margins and lifting Advanced Materials profitability.
03
Métrique:
Chemical Intermediates Product Spreads
ActuelMargins face moderation from regional logistics friction and energy cost volatility in overseas markets.
Pourquoi c'est important
Spread health in acetyls and olefins indicates basic chemical supply-demand balance, driving segment cash generation and preventing negative earnings drag on specialty units.
04
Métrique:
Customer Order Volumes and Restocking Patterns
ActuelCustomers maintain lean inventories amidst macroeconomic caution, with order patterns reflecting cautious near-term commitments.
Pourquoi c'est important
Shifts from cautious hand-to-mouth purchasing toward order restocking reveal underlying industrial demand inflection, accelerating consolidated revenue growth.
Eastman maintains a disciplined, shareholder-focused capital allocation framework. Historically, management deployed capital into synergistic specialty acquisitions such as Solutia and Taminco at disciplined valuations around 9x EBITDA. The current strategy emphasizes organic growth investments, notably scaling the Kingsport circular facility toward 100% capacity, alongside sustaining a reliable common dividend and executing opportunistic share repurchases as diluted shares outstanding stood at 115.6 million at year-end FY2025.
Geopolitical and Regional Supply Chain Realignment
neutral
Ongoing trade friction and regional logistics disruptions increase the value of domestic North American supply security ($3,662 million revenue) while introducing volatility into foreign intermediate exports ($4,140 million revenue).
Reassess commercial adoption rate of Kingsport circular rPET and reduce exposure.
