Eastman Announce A $250 Million World-Scale Molecular Recycling Facility Using Textile Feedstock To Be Built In Kingsport Tennessee
Image Courtesy of Eastman
KINGSPORT, Tenn – Eastman Chemical Company (NYSE:EMN) Board Chair and CEO Mark Costa and Tennessee Governor Bill Lee today announced the company's plans to build one of the world's largest plastic-to-plastic molecular recycling facilities at its site in Kingsport, Tenn.
Through methanolysis, this world-scale facility will convert polyester textile waste that often ends up in landfills and waterways into durable products, creating an optimized circular economy.
Eastman CEO Mark J. Costa confirmed in a call earlier this week that the recycled end product will be used in its branded products.
He told investors: “There will be Naia Renew in textiles and a series of other products. For cosmetic packaging, that’ll be Cristal Renew ... Nalgene and CamelBak are already marketing its Tritan brand in that way already
Over the next two years, the company will invest approximately $250 million in the facility, which will support Eastman's commitment to addressing the global waste crisis and to mitigating challenges created by climate change, while also creating value for its stakeholders.
Utilizing the company's polyester renewal technology, the new facility will use over 100,000 metric tons of plastic waste that cannot be recycled by current mechanical methods to produce premium, high-quality specialty plastics made with recycled content.
This process of using plastic waste as the main feedstock is a true material-to-material solution and will not only reduce the company's use of fossil feedstocks, but also reduce its greenhouse gas emissions by 20-30 percent relative to fossil feedstocks
Eastman was one of the pioneers in developing methanolysis technology at commercial scale and has more than three decades of expertise in this innovative recycling process.
Eastman's experience with methanolysis makes it uniquely qualified to be a leader in delivering this solution at commercial scale.
Polyester renewal technology will be an especially impactful solution, as low-quality polyester waste that cannot be mechanically recycled and would typically be diverted to landfills, incineration or end up in the environment can instead be recycled into high-quality polyesters suitable for use in a variety of end-use durable applications.
"While today's announcement is an important step, it is just part of the company's overall circular economy strategy," said Costa. He added that Eastman is actively working on next steps forward with its circular economy initiatives including partnerships and direct investments in Europe.
This facility, which is expected to be mechanically complete by year-end 2022, will contribute to the company achieving its ambitious sustainability commitments for addressing the plastic waste crisis, which includes recycling more than 500 million pounds of plastic waste annually by 2030 via molecular recycling technologies. The company has committed to recycling more than 250 million pounds of plastic waste annually by 2025.
About Eastman
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day.
With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability.
The company's innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables.
As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries.
The company had 2020 revenues of approximately $8.5 billion and is headquartered in Kingsport, Tennessee, USA.