Eastman to Invest Up to $1 Billion to Accelerate Circular Economy Through Building World's Largest Molecular Plastics Recycling Facility in France
PR94081
PARIS, Jan. 17, 2022 /PRNewswire=KYODO JBN/ --
This morning, French President Emmanuel Macron and Eastman (NYSE:EMN) Board
Chair and CEO Mark Costa will jointly announce Eastman's plan to invest up to
$1 billion in a material-to-material molecular recycling facility in France.
This facility would use Eastman's polyester renewal technology to recycle up to
160,000 metric tonnes annually of hard-to-recycle plastic waste that is
currently being incinerated.
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The investment would recycle enough plastic waste annually to fill Stade de
France national football stadium 2.5 times, while also creating virgin-quality
material with a significantly lower carbon footprint. Eastman is the largest
investor at this year's "Choose France" event, which is focused on attracting
foreign investment to France.
This multi-phase project includes units that would prepare mixed plastic waste
for processing, a methanolysis unit to depolymerize the waste, and polymer
lines to create a variety of first-quality materials for specialty, packaging,
and textile applications. Eastman also plans to establish an innovation center
for molecular recycling that would enable France to sustain a leadership role
in the circular economy. This innovation center would advance alternative
recycling methods and applications to curb plastic waste incineration and leave
fossil feedstock in the ground. The plant and innovation center would be
expected to be operational by 2025, creating employment for approximately 350
people and leading to an additional 1,500 indirect jobs in recycling, energy
and infrastructure.
A circular economy is key to addressing the global plastic waste crisis and the
climate crisis, which have both been at the center of attention in France and
throughout Europe. This long-term partnership between France and Eastman will
contribute to the EU achieving its sustainability goals, by reducing carbon
emissions and enabling a circular economy. France has demonstrated tremendous
leadership by recognizing the vital role of molecular recycling and supporting
investments in innovation.
Eastman's project has also garnered support from an impressive roster of global
brands who share its commitment to solving the world's plastic waste problem
and view molecular recycling as a pivotal tool for achieving circularity. LVMH
Beauty, The Estée Lauder Companies, Clarins, Procter & Gamble, L'Oréal and
Danone (https://c212.net/c/link/?t=0&l=en&o=3414103-1&h=1960218519&u=https%3A%2F%2Fwww.eastman.com%2FCompany%2FCircular-Economy%2FSolutions%2FPages%2FOur-investment-in-France.aspx%3Futm_source%3Dpress%26utm_medium%3Dpress%26utm_campaign%3Deastman_france_global&a=LVMH+Beauty%2C+The+Est%C3%A9e+Lauder+Companies%2C+Clarins%2C+Procter+%26+Gamble%2C+L%27Or%C3%A9al+and+Danone) are leading the way by signing letters of intent for multiyear supply agreements from this facility.
Eastman's proven polyester renewal technology provides true circularity for
hard-to-recycle plastic waste that remains in a linear economy today. This
material is typically incinerated because it either cannot be mechanically
recycled or must be downcycled with existing technology. This hard-to-recycle
waste is broken down into its molecular building blocks and then reassembled to
become first-quality material without any compromise in performance. Eastman's
polyester renewal technology enables the potentially infinite value of
materials by keeping them in production, lifecycle after lifecycle. With the
technology's inherent efficiencies and the renewable energy sources available
in France, materials can be produced with greenhouse gas emissions up to 80%
less than traditional methods.
"Accelerating the transition to a circular economy is one of the main
challenges in the years to come. Eastman's substantial investment in France
demonstrates our country's willingness to embrace innovative technologies that
will help us achieve our ecological and economic ambitions, by revolutionizing
our country's plastics recycling capacities," said Barbara Pompili, French
Minister for Ecological Transition. "France has always been at the forefront of
this journey, and together with Eastman, is giving itself the means to achieve
its ambitious plastics recycling targets set for 2025. We are very excited to
welcome a company that has a 100-year history of innovation at a global scale
and more than 30 years of molecular recycling experience."
Agnès Pannier-Runacher, French Delegate Minister for Industry stated,
"Eastman's world-scale project will allow France to position itself as a
European leader in new technologies for recycling and recovering plastic waste.
This investment is the result of the ambitious approach to industrial
reconquest led by the Government since 2017, which has enabled France to become
the most attractive country in Europe from 2018 onward for industrial projects.
With this project, which is an important step for our sovereignty, we are
giving ourselves the means to achieve our ambitions in terms of ecological
transition while creating sustainable jobs in manufacturing, infrastructure and
energy. We look forward to developing this relationship with Eastman."
"The investment in France is a significant step forward in Eastman's strategy
to accelerate a circular economy globally. Eastman is proud to partner with the
French government to actively contribute to France's and the EU's bold
commitments," Costa said. "France has demonstrated their commitment toward a
sustainable future and Eastman has set similar, ambitious carbon and circular
economy goals. The announcement today has been made possible thanks to the
support of President Macron, the French government and its agency Business
France, who have worked with impressive urgency to enable and incentivize this
large and complex project. We look forward to working together for the long
term and offer necessary innovations to recycle plastic waste and protect our
planet for future generations.
"The plan to build the world's largest plastics recycling facility in France is
an important part of our overall circular economy strategy," Costa added.
"Today's announcement is a key milestone towards our commitment, and we expect
to achieve additional milestones in the coming months, including agreements
related to securing the plastic waste that will be raw material supply,
securing government incentives, and the site location decision."
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 14,000 people around the world and
serves customers in more than 100 countries. The company has revenues of
approximately $10 billion and is headquartered in Kingsport, Tennessee, USA.
For more information, visit eastman.com/france (https://c212.net/c/link/?t=0&l=en&o=3414103-1&h=4060257005&u=https%3A%2F%2Fwww.eastman.com%2FCompany%2FCircular-Economy%2FSolutions%2FPages%2FOur-investment-in-France.aspx%3Futm_source%3Dpress%26utm_medium%3Dpress%26utm_campaign%3Deastman_france_global&a=eastman.com%2Ffrance).
Investors:
Greg Riddle, Eastman
+1-212-835-1620
griddle@eastman.com
European Media:
Jean-Christophe Adler, APC - Affaires Publiques Consultants
+33-6-03-24-77-24
jc.adler@affairespubliquesconsultants.fr
U.S. Media:
Brad Lifford, Eastman
+1-423-229-6543
blifford@eastman.com
SOURCE: Eastman
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