US-based Eastman Chemical Company has announced an expansion of its Performance Films manufacturing capacity in Martinsville, Virginia.
The expansion is expected to be complete in late 2017 and will increase capacity for both paint protection films and window films to support the continued growth of the LLumar® and Suntek® brands.
The move is Eastman’s largest film expansion to date and the plant will produce high performance films for the automotive and architectural markets.
According to the company, the expansion will provide additional high-quality jobs for the Martinsville Henry County community. The project is in addition to the $40 million investment that was announced in September of 2013.
Travis Smith, vice president and general manager of Eastman’s Performance Films business, said: “This expansion positions Eastman to meet the great growth in demand for window and paint protection films we’re seeing from our customers around the world.
“This investment further solidifies Eastman’s commitment to the window and paint protection films markets and to making our manufacturing site in Henry County a state-of-the-art facility that produces the world’s highest quality films products.”
Eastman says that it continues to drive investments related to product development and innovation, manufacturing and quality excellence to support growth of the window film and protective film markets.
Darrell Reed, Performance Films commercial director for Americas, Europe, Middle East & Africa, said: “We see exciting growth potential for our portfolio of films and our dealer network,” said “We are making these investments in product innovation, manufacturing capacity, and marketing and support services to help our customers provide high-quality products to meet the needs of consumers and ultimately to allow our customers to further differentiate and grow their business.”
Performance Films is a part of Eastman’s Advanced Materials business segment. With 60 years of experience, Eastman is the world’s leading manufacturer and marketer of high performance window and paint protection films that are used in automotive and architectural applications.
Eastman Chemical Company has also announced that it has partnered with Phoenix Venture Partners LLC (PVP) via an investment in its officially closed new venture capital fund PVP II LP.
As a leading venture capital firm focused on Advanced Materials, PVP is recognized by entrepreneurs and corporations around the globe. PVP forges deep partnerships with its strategic investors and works closely with them to identify attractive market opportunities.
Dr Brendan Boyd, external innovation director for Eastman, said PVP is a natural fit for Eastman as it accelerates external innovation sourcing.
Dr John T. Chen, Managing General Partner of PVP, said: “With its portfolio of Advanced Materials and Additives and Functional Products businesses, Eastman can leverage collaboration with start-ups in these sectors that will accelerate innovation and deliver value.”
Dr. Zachariah Jonasson, Managing General Partner of PVP, added, “We are excited to be working with Eastman to connect them to entrepreneurs globally.”