8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934



Date of report (Date of earliest event reported):              November 20, 2001



                            EASTMAN CHEMICAL COMPANY
                            ------------------------
             (Exact name of registrant as specified in its charter)



        Delaware                      1-12626                  62-1539359
        --------                      -------                  ----------

(State or other jurisdiction        (Commission             (IRS employer
      of incorporation)             File Number)            Identification No.)


    100 N. Eastman Road, Kingsport, Tennessee                     37660
    -----------------------------------------                     -----
    (Address of principal executive offices)                    (Zip Code)



Registrant's telephone number, including area code:  (423) 229-2000


ITEM 5.  OTHER EVENTS.

         On November 20, 2001, Eastman Chemical Company (the "Company") issued a
press release (the "Press Release") announcing that the Company is delaying its
previously announced spin-off of its specialty chemicals and plastics business.
Accordingly, the Company announced that it is cancelling its special meeting of
shareowners scheduled for December 18, 2001. A copy of the Press Release is
attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7(c) - Exhibits

      
         99.1     Press Release issued by Eastman Chemical Company, dated
                  November 20, 2001.

         



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

                                  EASTMAN CHEMICAL COMPANY



                                  By:     /s/ Theresa K. Lee
                                      ----------------------------------------
                                      Name:   Theresa K. Lee
                                      Title:  Senior Vice President,
                                              General Counsel and Secretary

Date: November 26, 2001


                                  EXHIBIT INDEX



    EXHIBIT NUMBER                                    EXHIBIT
                       
         99.1             Press Release issued by Eastman Chemical Company, dated November 20, 2001.

EX-99.1

                                                                    EXHIBIT 99.1


                             EASTMAN DELAYS SPIN-OFF

KINGSPORT, Tenn.--Nov. 20, 2001--Eastman Chemical Company (NYSE:EMN) announced
today that it has delayed the planned spin-off of its specialty chemicals and
plastics business due to adverse market conditions and the lack of near-term
visibility. The company currently expects to review the environment for the
spin-off in the middle of 2002, pending improvement in the global economic
outlook. Accordingly, the special meeting of shareowners scheduled for Dec. 18,
2001, has been cancelled.

         Sustained weakness in the global economy has caused a tightening in the
financial markets, deterioration in the company's main business lines and a lack
of clear signals for near-term recovery. Based on these factors, Eastman's
management recommended to the board of directors, and the board has decided,
that it is in the shareowners' best interest to postpone the spin-off.

         Commenting on the decision, Earnest W. Deavenport, Jr., the company's
chairman and CEO, said, "Since we first announced the spin-off in February, the
world economy has continued to weaken and recently has been affected by the
tragic events of Sept. 11 and their aftermath.

         "We continue to believe that dividing our businesses through the
proposed spin-off could yield significant benefits to the shareowners in terms
of management focus and distinct strategies for growth," Deavenport said. "In
the coming months, we will renew our focus on our business fundamentals,
including cost cutting and integration, and will remain poised to take advantage
of improving market conditions."

         With headquarters in Kingsport, Eastman Chemical Company 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.

Contact:

     Eastman Chemical Company, Kingsport

     Media Contact:
     Nancy Ledford, 423/229-5264
     nledford@eastman.com

     Investors Contact:
     Patricia Godsey, 423/229-5503
     phgodsey@eastman.com
     or
     Jeff Taylor, 423/229-4851
     jltaylor@eastman.com