Jim Rogers of Eastman Chemical

Eastman Chemical Co., announced today that it will invest $1.6 billion and add 300 jobs at its Kingsport, Tenn., headquarters.

Eastman CEO Jim Rogers said the investment, known as Project Inspire, will enable the company to expand its product mix, add more safety and environmental projects and increase warehouse and office space.

"This represents a landmark capital investment that will modernize and expand our largest manufacturing site and corporate campus here in Kingsport," Rogers said in a statement today. "This multi-year project will culminate in Eastman's 100th anniversary in 2020. I can think of no better way to honor our long-term commitment to this site and surrounding community than through this very significant investment in our future."

The state of Tennesseee will provide funding to support the corporate campus expansion, road infrastructure improvements for the project, and a grant to meet advanced manufacturing training needs for the company through the Regional Center for Advanced Manufacturing in Kingsport.

"This investment will bring hundreds of high quality jobs to the state, and I appreciate Eastman's continued investment in Tennessee," Gov. Bill Haslam said.

Eastman serves customers in approximately 100 countries and had 2012 pro forma combined revenues, giving effect to the Solutia acquisition, of approximately $9.1 billion. The company is headquartered in Kingsport and employs about 13,500 people around the world.