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Nielsen pointed out that after more than 80 years of development, Eastman has grown from an obscure company to a world-renowned multinational company. Its main growth driver is continuous technological innovation. Today, Eastman’s annual technological innovation investment reaches 160 million U.S. dollars, accounting for annual sales revenue of 2.3%, technical service and support investment of more than 22 million U.S. dollars, and more than 20% of new sales revenue each year. Benefits from the development and application of new technologies. With the completion of the China New Technology Center, Eastman currently has seven technology centers around the world that can provide customers with timely and convenient joint technology development services and innovative solutions around the world.
Nielsen told reporters that Eastman's technological innovation is mainly focused on four aspects: process improvement, through the innovation of production processes, can reduce costs, bring production advantages; new product development, bring new business income; develop new application areas , Expand market with customers; technical support. Eastman's R & D chain runs through all sectors of research, production, and marketing operations. Generally, the market determines the direction of R&D. Combining the technology research and development department with the market business and other departments, we can accurately understand the needs of customers, make all innovations meet the needs of customers, better serve customers, and bring greater benefits for themselves and their customers. This is in line with the development of the market.
Nielsen said that Eastman's innovation research is mainly about process and process innovation. For example, the company developed a new technology called IntegRex, which uses PET to produce PET resin. This technology combines xylene-to-PET production to reduce conversion costs by 15% and 30% in molding costs when converting p-xylene to PET resin. The technology can also reduce investment and operating costs. The footprint of the device is only half that of conventional PET production, and energy consumption, equipment, and labor are much less. Only this set of process technology, Eastman applied for 100 patents.
In addition, Eastman has also made many forward-looking researches in environmental protection and alternative energy sources, such as environmentally friendly products such as modified polyester resins and biodegradable materials. Nielsen believes that although the market demand for these environmentally-friendly products is not very large at present, with the increase in crude oil prices, the energy and raw material costs have become a common problem faced by the entire chemical industry, and must be constantly improved in terms of environmental protection and sustainable development. Innovation, the company has long-term vitality.
Nielsen finally stressed that as a multinational chemical company, Eastman's products include various chemicals such as paint, plastics, and fibers. Therefore, if companies want to prosper and achieve sustainable business development, they must continue to innovate and provide targeted innovation services tailored to the needs of different markets and customers. The establishment of a technology center in China is not only Eastman's commitment to the Chinese market, but also Eastman's innovation in serving customers. This strategic investment enables Eastman to bring world-class expertise and decades of research results to this fast-growing market, benefiting scientists and customers across Northeast Asia. In the future, Eastman will continue to expand the scale of the technology center and the development capabilities of its technology applications, and provide more convenient conditions for Eastman's development projects with local customers to further enhance customer satisfaction.
Last week, Eastman's first technology center in China was officially completed. At the unveiling ceremony, Eastman Global Chief Technology Officer and Senior Vice President Nelson said that as a multinational chemical company that has always valued technological innovation, the establishment of the center will bring Eastman's world-class expertise and achievements to China. It also reflects Eastman's constant commitment to creating higher returns for customers through technological innovation.
September 12, 2023