CORRECTED-Eastman Chemical quarterly profit slips 19 percent

Mon Jul 30, 2012 5:34pm EDT

(Corrects with full company's quarterly results, not just Solutia's)

July 30 (Reuters) - Eastman Chemical Co posted a 19 percent drop i n quarterly profit on Monday as demand slipped for specialty plastics and the company spent heavily to integrate rival Solutia.

For the second quarter, the company posted net income of $ 1 79 million, or $1.26 per share, compared with $ 2 20 million, or $1.51 per share, in the year-ago quarter.

Revenue fell 1.7 percent to $1.85 billion.

Earlier this month, Eastman completed its $3.4 billion buyout of specialty chemicals maker Solutia Inc.

Eastman's stock has jumped 31 percent so far this year, closing Monday at $51 per share. (Reporting by Ernest Scheyder; Editing by Gary Hill)

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