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Eastman’s Saflex Manufacturing Sites Attain IATF Quality

Peter Neil - Author

Nov. 26 2018, Updated 2:40 p.m. ET

Eastman Saflex quality update

On November 20, Eastman Chemical (EMN) announced that its Saflex manufacturing sites have successfully completed the IATF (International Automotive Task Force) 16949:2016 quality standards. Earlier Saflex had quality certification of ISO/TS 16949. The IATF certification is considered to be the most widely used international standard quality management system in the automotive industry.

The IATF certification helps to achieve operational excellence, which could lead to higher customer satisfaction. The certification has stringent requirements. Compared to the ISO 9001 standard, the certification emphasizes risk evaluation, reduced variations and waste in the supply chain, product safety, and defect prevention.

Thomas Selm, Eastman’s product director for Advanced Materials Interlayers, said, “The IATF certification completion shows our commitment to customers supplying to the automotive industry by strengthening our quality management systems, focusing on better operations and supply to our customers.”

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Stock performance

Eastman Chemical stock fell 6.6% and closed at $77.64 for the week that ending November 23. The stock underperformed the First Trust Materials AlphaDEX ETF (FXZ), which fell 3.2%. The fund invests 3.0% of its portfolio in Eastman Chemical. The fund also provides exposure to LyondellBasell (LYB), Westlake Chemical (WLK), and Sherwin-Wiliams (SHW) with weights of 3.3%, 3.0%, and 2.7%, respectively.

The fall in Eastman Chemical’s stock price caused the stock to trade 16.5% below its 100-day moving average price of $93, which indicates prevailing weakness in the stock. On a year-to-date basis, the stock has fallen 16.2%.

Analysts expect Eastman Chemical’s target price to be $98.8, which implies a return potential of 27.25% from its closing price on November 23. Eastman Chemical’s 14-day relative strength index of 35 indicates that the stock is close to moving into an oversold position.


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