Eastman Molecular Recycling Facility Achieves On-Spec Initial Production and Is Generating Revenue
21 Março 2024 - 2:38PM
Business Wire
Eastman (NYSE: EMN) today announced it has achieved on-spec
initial production and is generating revenue from its new molecular
recycling facility in Kingsport, Tennessee. The company expects to
ramp up production of the new facility over the coming months and
enable growth across a wide range of markets. Achieving this
critical milestone enables the company’s pathway to deliver
approximately $75 million of incremental EBITDA in 2024 from this
facility as it builds momentum in its circular economy
platform.
“We are thankful for the hard work and dedication of our Eastman
team members who have worked tirelessly to build and bring this new
facility online,” said Mark Costa, Board Chair and CEO. “By
demonstrating molecular recycling at this scale, we have solidified
our position as a leader in the creation of a circular economy.
Demand for recycled material at virgin-quality levels from our new
facility remains strong, and we are excited to announce this
significant next milestone in our journey.”
Eastman’s proven polyester renewal technology recycles
hard-to-recycle plastic waste bound for landfill or incineration
today. The company’s technology allows this waste to be broken down
into its molecular building blocks and then reassembled to become
virgin-quality material without compromising performance. Eastman
is enabling the potentially infinite use of materials by keeping
these valuable molecules in production, in a material-to-material
high-yield loop. Eastman can transform waste plastic into virgin
quality food contact polyesters with lower greenhouse gas emissions
than traditional methods.
In addition to this recently completed facility in Kingsport,
Eastman plans to invest in two additional molecular recycling
plants, one in France and another U.S. site.
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 had 2023 revenue of approximately $9.2 billion and is
headquartered in Kingsport, Tennessee, USA. For more information,
visit www.eastman.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240321275556/en/
Eastman Investors: Greg Riddle / 1-212-835-1620 /
griddle@eastman.com Media: Kristin Parker / 1-423-229-2526 /
kristin@eastman.com
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