KINGSPORT, Tenn. -- Eastman Chemical Co. announced that it has delayed the planned spin-off of its specialty chemicals and plastics business due to adverse market conditions and the lack of near-term visibility. The company currently expects to review the environment for the spin-off in the middle of 2002, pending improvement in the global economic outlook.
The company also announced the election by its board of directors of J. Brian Ferguson as chairman and CEO, effective Jan. 1, 2002. Ferguson succeeds Earnest W. Deavenport, Jr., who previously announced his plans to retire.