Eastman is a global specialty chemicals and materials company based in Kingsport, Tennessee. Eastman operates four segments: Advanced Materials (~38% of revenue), Additives & Functional Products (~27%), Chemical Intermediates (~23%), and Fibers (~12%). Advanced Materials is the largest and highest-margin segment, making specialty copolyesters (Tritan), PVB interlayer films (Saflex) for automotive and architectural glass, and performance window and paint protection films (LLumar, SunTek). Additives & Functional Products makes specialty coatings additives, care chemicals, specialty fluids (Therminol, Skydrol), and functional amines — many sold under cost pass-through contracts that stabilize margins. Chemical Intermediates sells commodity and near-commodity chemicals to industrial customers and is the most cyclical part of the business, exposed to global supply/demand dynamics and Chinese overcapacity. The Fibers segment makes acetate tow for cigarette filters and Naia cellulosic textile fibers; acetate tow is a mature, cash-generative business in structural decline. Eastman's core business model is selling specialty chemicals at a premium to commodity alternatives, justified by differentiated performance and technical support. A key growth initiative is molecular (chemical) recycling: Eastman operates what it claims is the world's largest polyester molecular recycling facility in Kingsport, which breaks down waste polyester into virgin-equivalent materials sold under a "Renew" brand at a price premium. Eastman sells primarily through a direct global sales force to industrial customers and brand owners.