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Eastman Chemical approves $2B share buyback program

Eastman Chemical Co. announced a new $2 billion share repurchase program and outlined its guidance for the next three years at its Feb. 6 Innovation Day.

Eastman's board approved the new repurchase program, which will be implemented through purchases in the open market or private transactions, a statement said.

Curt Espeland, executive vice president and CFO, said the move underscores a positive outlook on the company's cash flow generation.

The company expects to generate approximately $3.5 billion in free cash flow between 2018 and 2020, up from nearly $3 billion generated over the last three years.

Revenue growth in the specialty products segment is projected to be two times underlying markets, while adjusted EBITDA margin is expected to increase from the current 23%.