KINGSPORT, TN - Eastman Chemical Co. has canceled a previously announced plan to spin off its specialty chemicals and plastics business into separate companies. The plan was initially announced a year ago, then was delayed in November due to market conditions.

The company will continue to operate under the new divisional structure announced at the start of this year. The two divisions are Voridian, which includes the company's PET polymers, polyethylene products and fibers units; and Eastman Chemical, which includes the company's Coatings, Adhesives, Specialty Polymers and Inks Segment, the Specialty Plastics Segment, and the Performance Chemicals and Intermediates Segment.