Report: Eastman expects to lose up to $100M in earnings after incident

At least two explosion rocked Eastman's coal gasification plant in Kingsport last Wednesday. The company says there were no injuries and no impact to health or the environment.

KINGSPORT, TN (WJHL) – Five days after multiple explosions rocked Eastman Chemical Company’s plant in Kingsport, the company has released a preliminary estimate on how much they expect the incident will affect the company financially.

The company expects to lose between $50 million and $100 million in earnings by the end of the year due to last week’s incident, according to a release on Monday.

Last Wednesday, Eastman’s coal gasification plant in Kingsport experienced a “process upset” which led to at least two explosions. According to the company, no one was injured, outside of first-aid.

Following the explosions, area schools and residents were told to shelter-in-place as a precaution. Eastman says the amount of chemicals released into the atmosphere during the incident “was a small amount” and “never left the plant”. Today’s statement says there was “no impact to human health or the environment”.

News Channel 11’s camera atop Bays Mountain captured the incident.

Company officials say all areas of the Kingsport plant have returned to normal, except for coal gas operations. According to Eastman, repairs are being made and alternatives are being put in place to maintain operations.

WEB EXTRA: Eastman incident report (.pdf) 

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