TAGS: Sustainability and Bioplastics
Eastman 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 in the coming months. This will enable growth across a broad 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.
Robust Demand for Virgin-quality Recycled Material
“
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 into virgin-quality material without compromising performance. Eastman is enabling the potentially infinite use of materials by keeping these valuable molecules in production, in a high-yield, material-to-material 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.
Source: Eastman
