KINGSPORT, Tenn. -

Eastman Chemical Company just announced a major investment. They say they'll spend $1.6 billion to expand their current site.

The company named it Project Inspire. Eastman leaders say it will culminate in 2020, the 100th anniversary of Eastman Chemical company.

This will provide new growth opportunities as well as safety and environmental opportunities.

Tennessee Governor Bill Haslam, Tennessee Congressman Phil Roe, Virginia Congressman Morgan Griffith and U.S. Senators from Tennessee Bob Corker and Lamar Alexander were all there for the announcement.