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