Eastman seeks new businesses in South Asia

Chennai: The $5.4-billion Eastman Chemical Company is now looking at new business areas like services, digital licensing and ventures in the Asia Pacific region. The company had, some time back, licenced out some of its products to two Indian companies: Shasun Chemicals and Drugs and Reliance Industries.

"The new business development initiative is aimed at supporting Eastmans traditional businesses as well as maximising its expertise in managing project development, negotiations, digital applications and service consultancy," says Eastman Chemical (South Asia operations) managing director Dr Harish Davey. Davey says Eastman Chemical is also interested in looking at India for contract manufacturing and research and development activities. Headquartered in Kingsport, Tennessee, US, Eastman Chemical manufactures and markets plastics, chemicals and fibres worldwide, with the Asia-Pacific region contributing $555 million.

"Eastman has an immense wealth of technologies and process technologies developed over a span of 80 years. Eastman Chemical is one of the leading chemical companies in the areas of e-commerce and other chemical-related information technology. We have several service technologies like coal gasification and others that can be leveraged," says Davey. The company is also trying to find out newer or extended applications for its traditional products.

Two years back, Eastman Chemical licensed Reliance Industries and the Chennai-based Shasun Chemicals to manufacture a co-polyester product and hydroxypropylmethyl cellulose phthalate (HPMCP), a non-active drug ingredient, respectively. While Shasun Chemicals has started production and exports of HPMCP, Reliance Industries has started the market development activity for the co-polyester.

"We are looking at the entire subcontinent. There are good opportunities in Bangladesh," says Davey. "The new business digital ventures extend itself outside the chemical group in terms of scope. The company has an online database for health, safety and environment worldwide, which is a one-stop shop for importers and exporters to gather information."