Eastman Chemical Recognized as World-Class Performer In Finance by The Hackett Group
ATLANTA, GA & KINGSPORT, TN, July23, 2010 - Eastman Chemical Company (NYSE:EMN) has been recognized as a world-class performer in finance by The Hackett Group, Inc. (NASDAQ: HCKT), a global strategic advisory firm.
The award is based on the results of an in-depth benchmark performed by The Hackett Group in early 2010. It recognizes Eastman's status as an organization demonstrating top quartile efficiency and effectiveness in corporate finance operations. The company's performance across more than a hundred metrics was compared with results from over 200 recent finance benchmarks performed with Global 1000 companies, state and federal government organizations, and academic institutions. Eastman, headquartered in Kingsport, Tennessee, is a chemicals, fibers, and plastics company with 2009 sales of $5 billion.
According to The Hackett Group Principal Bryan Hall, "Eastman has maintained a concerted focus on improving the performance of the finance organization, by not just targeting efficiency, but by also making business engagement a priority. As an organization, they have held themselves to a high standard, and it is clear with their results in this latest benchmark, that the efforts of their team have delivered against that vision."
According to Curt Espeland, Senior Vice President and Chief Financial Officer, Eastman Chemical, "We are so pleased to accept this honor from The Hackett Group. At Eastman, our service and support functions strive to achieve the highest levels of efficiency and effectiveness, and provide strategic business support designed to help Eastman become an outperforming chemical company. The finance organization is just one example of the functional excellence that exists throughout our company."
"With the help of The Hackett Group, we have been on a journey to transform our finance operations at Eastman. As a result of our efforts, we've created an environment where finance is truly seen as a trusted business advisor," said Espeland. "As such, our global finance teams play a key role in corporate decision-making while effectively meeting our other responsibilities. And we're still moving forward, focusing on making further improvements to better help our company grow."
According to The Hackett Group's best practices benchmarking research, world-class finance organizations now operate at nearly half the annual cost of typical companies, and have less than half the staff. At the same time, these finance organizations are dramatically more effective than their peers, better at strategic business support, and drive improved bottom line results for their companies. Key to these superior results are the focus of world-class companies on simplification and standardization, process improvement, technology leverage, cost reduction, and the global service delivery model. With their superior transacting capabilities, world-class finance organizations are able to dedicate more of their total finance process cost and staff to the higher-value activity of driving business performance.
About The Hackett Group, Inc.
The Hackett Group (NASDAQ: HCKT), a global strategic advisory firm, is a leader in best practice advisory, benchmarking, and transformation consulting services including strategy and operations, working capital management, and globalization advice. Utilizing best practices and implementation insights from more than 4,000 benchmarking engagements, executives use The Hackett Group's empirically-based approach to quickly define and implement initiatives to enable world-class performance. Through its REL group, The Hackett Group offers working capital solutions focused on delivering significant cash flow improvements. Through its Archstone Consulting group, The Hackett Group offers Strategy & Operations in the Consumer and Industrial Products, Pharmaceutical, Manufacturing and Financial Services industry sectors. Through its Hackett Technology Solutions group, The Hackett Group offers business application consulting services that help maximize returns on IT investments. The Hackett Group has worked with 2,700 major corporations and government agencies, including 97% of the Dow Jones Industrials, 73% of the Fortune 100, 73% of the DAX 30 and 50% of the FTSE 100.
More information on The Hackett Group is available: by phone at (770) 225-7300; by e-mail at info@thehackettgroup.com; or on the Web at www.thehackettgroup.com.
About Eastman Chemical Company
Eastman's chemicals, fibers, and plastics are used as key ingredients in products that people use every day. Approximately 10,000 Eastman employees around the world blend technical expertise and innovation to deliver practical solutions. The company is committed to finding sustainable business opportunities within the diverse markets it serves. A global company headquartered in Kingsport, Tennessee, USA, Eastman had 2009 sales of $5 billion.
