The board of U.S. chemical producer Eastman has approved the repurchase of up to $1 billion of the company's common stock. Chief financial officer Curt Espeland said the buyback and the quarterly cash dividend of $0.35 per share reflects the company's solid financial position, including its strong cash flow.

Eastman said the share repurchases will be made from time to time in either the open market or private transactions. The timing, volume and nature of the repurchases will be at the discretion of management, subject to market conditions and may be suspended or discontinued at any time.