KINGSPORT, Tenn. (WJHL) – Eastman Chemical Company announced a plan to buy back $500 million in company shares on Friday.

According to a press release, Eastman has entered into an accelerated share repurchase (ASR) agreement with Wells Fargo and Mizuho Markets Americas. As part of that agreement, $500 million in common stock will be returned to the company.

After the purchase, Eastman will have bought back roughly $750 million in stocks during Q2 and moved significantly closer to their goal of $1 billion in 2022.

“This accelerated share repurchase demonstrates our confidence in our company’s market value,” said Eastman CFO and Senior Vice President Willie McLain. “And our commitment to continue delivering value to our stockholders through share repurchases.”

Eastman officials said they expected 80% of shares, a total of 3.8 million, to be bought on May 9th at a price of $105.67.