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's activity report 2022

General information

Eastman Specialties OÜ is a chemical industry company located in Kohtla-Järve, Ida-Virumaa. The company's main product groups are benzoic acid, sodium benzoate, and plasticizers.

The company was founded in 1995 under the business name Velsicol Eesti AS. In connection with the change of the parent company's business name in October 2008, Velsicol Eesti AS changed its business name to Genovique Specialties AS. Since 2011, the new business name of Genovique Specialties AS is Eastman Specialties AS. The change of business name results from a transaction carried out in May 2010, whereby Eastman Chemical Company acquired the business and assets of Genovique Specialties Corporation. As a result of the transformation of the public limited company into a private limited company in July 2012, the company's new business name became

Eastman Specialties OÜ.

Eastman Chemical Company is an international company producing specialty chemicals, whose products are used as key components in everyday products. Eastman has over 40 production units in 12 countries around the world. The company's headquarters and largest production unit are located in Kingsport, Tennessee, and was founded in 1920. The company's turnover in 2022 was $10.6 billion, serving customers in more than 100 countries.

The main product of Eastman Specialties OÜ is benzoic acid, which in turn is the main raw material for the production of benzoic acid flakes, sodium benzoate, and plasticizers. The production of sodium benzoate has

FSSSC 22000 food safety and FAMI QS feed safety quality management system certificate. The production of benzoic acid flakes has a FAMI QS feed safety quality management system certificate.

Sodium benzoate is used mainly as a preservative in the food and beverage industry, but also as an additive in animal feed, which is enabled by the obtained certificate. Sodium benzoate is produced under the Probenz® brand and in three different forms: granulated (Probenz® SG) and powder (Probenz® SP).

Plasticizers produced under the Benzoflex® brand are mainly used in the composition of seals, floor coverings, and their finishing layers. A total of 8 different plasticizers are produced in the factory: B988, B2088, B50,

B988SG, TPU405, B2000, LA705, and VersaBond.

Significant events in 2022 • The main challenge of 2022 was the significant increase in energy, raw material, and logistical costs throughout the year.

• Production volumes decreased significantly in the fourth quarter of 2022 due to customer inventory reductions due to an uncertain economic environment.

• Eastman Specialties OÜ ended 2022 with sales revenue of 98,707 thousand euros, which is 34.3% higher than the previous year • The focus continued on capital investments related to increasing productivity and production units and ensuring employee and process safety.

Significant economic and social impacts • The main influencer of the company's results in 2022 was the significant increase in energy, raw material, and logistical costs throughout the year. Due to rapid changes in input prices, it was not possible to pass on the price increase at the same pace to the market.

• Eastman Specialties OÜ continued its long-term social commitment by donating to orphanages, sports and hobby clubs, and supporting other children's events. Cooperation was done with Tallinn University of Technology, MTÜ Südamete

Heat, local government, various sports clubs, local schools, and many other organizations.