SCHEDULE 14A
                                 (RULE 14A-101)

                    INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION
          PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
                    EXCHANGE ACT OF 1934 (AMENDMENT NO.   )

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                            EASTMAN CHEMICAL COMPANY
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                (Name of Registrant as Specified In Its Charter)


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    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)


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For Immediate Release

EASTMAN RECEIVES FAVORABLE IRS RULING

         KINGSPORT, Tenn., Nov. 8, 2001 - Eastman Chemical Company (NYSE:EMN)
today announced that it has received a favorable ruling from the Internal
Revenue Service regarding the tax-free status for the previously announced plan
for a spin-off by which Eastman Chemical will be separated into two independent,
publicly traded companies -- Eastman Company and Voridian Company.

         Under this ruling, shares of Eastman Company can be distributed
tax-free to the shareowners of Eastman Chemical. As announced earlier, the name
of Eastman Chemical will then be changed to Voridian Company when the spin-off
becomes effective.

         "We are pleased to receive the favorable ruling from the IRS," said Jim
Rogers, CFO. "This favorable ruling is an important step in our progress toward
Eastman Chemical becoming two separate companies."

         "The closer we get to the actual spin-off date at year-end, the more
excited we become about the potential for success for both Eastman Company and
Voridian Company," Rogers said. "It's clear that the ability to focus on
distinct strategies will better position both companies for growth."

         Voridian Company will consist of the PET polymers for container
plastics, acetate fibers and polyethylene businesses of the current Eastman
Chemical. Allan Rothwell will head up that company as CEO.

         Brian Ferguson will be CEO of Eastman Company, which will consist of
the specialty chemicals and plastics businesses of what is now Eastman Chemical.

         The spin-off has been approved by Eastman Chemical's Board of Directors
and will be considered and voted upon by Eastman Chemical shareowners at a
special meeting in late December. The definitive proxy statement for the special
meeting is expected to be distributed to Eastman Chemical shareowners within the
next several days. The definitive proxy statement will also be made available at
that time on Eastman Chemical's Web site at www.eastman.com in the investor
information section and on the Securities and Exchange Commission's Web site at
www.sec.gov. The definitive proxy statement will contain important information
about the special meeting and the spin-off and should be read by shareowners
when it becomes available.

         With headquarters in Kingsport, Eastman Chemical manufactures and
markets chemicals, fibers and plastics. The company has approximately 16,500
employees in 30 countries and had 2000 sales of $5.3 billion. To learn more
about Eastman Chemical and its products, visit www.eastman.com.

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