Eastman Chemical signs to Kiodex Workbench

Eastman Chemical Company of the US plans to install new technology from Web-based risk management solutions for the commodity markets, Kiodex, to manage earnings exposure to energy price risk.

The Web-based service, called Risk Workbench, was only commercially launched three weeks ago. It integrates Kiodex’s three core services into a single application that provides direct trade feeds from leading online energy trading platforms.

"Eastman Chemical recognises that energy and feedstock price volatility is here to stay," said Lloyd Webb, procurement manager of global chemical and energy procurement at Eastman Chemical. "The Kiodex Risk Workbench's three core services - sophisticated pricing calculators, readily available market data, and customisable risk reports - were the best combination of tools to help us manage that volatility."

Webb also pointed to Risk Workbench's ability to create sophisticated scenarios as being a powerful asset when making strategic hedging decisions.

"We're certain that this is just the beginning of similar announcements from Kiodex, as more corporations realise the potential for tremendous cost savings over the long term by implementing efficient hedging strategies," claimed Raj Mahajan, Kiodex president.