Longview, Texas, named as
the location of the facility
KINGSPORT, Tenn., March 25,
2024 /CNW/ -- Eastman (NYSE: EMN) today announced
significant progress towards its leadership in the circular
economy.
- Selected by the Department of Energy as one of 33 companies for
award negotiations to support Eastman's second U.S. molecular recycling
facility
- Named Longview, Texas, as the
location for its facility
- Finalized incentives with the State
of Texas to assist with project funding
Eastman's second U.S. molecular
recycling project has been selected by the Department of Energy
(DOE) to begin award negotiations for up to $375 million in Bipartisan Infrastructure Law and
Inflation Reduction Act funding as part of the Industrial
Demonstrations Program (IDP). The DOE announcement led to
Eastman announcing the intent to
build a second U.S. molecular recycling facility at its location in
Longview, Texas.
Investment in the Longview
site
The company selected the Longview site due to synergies with existing
infrastructure and operations, favorable energy supply and
footprint, and access to western and central U.S. feedstock pools.
The location also provides enough space for onsite renewable
energy. The investment includes operations that will prepare mixed
plastic waste for processing, Eastman's next-generation molecular recycling
unit to depolymerize waste, and a polymer facility to create
virgin-quality materials for packaging and textiles. The
Longview molecular recycling
facility will have the capacity to recycle approximately 110,000
metric tonnes of hard-to-recycle plastic waste.
The investment is expected to bring over 200 full-time,
high-paying jobs to the Longview
community in addition to approximately 1,000 temporary construction
jobs during site development and building of the facility.
Eastman has operated in the
Longview community for over 70
years and currently has over 1,500 team members at the
location.
"We are excited to build our second U.S. world-scale molecular
recycling facility at our existing site in Texas," said Mark
Costa, Board Chair and CEO. "The plant will remove
significant waste from the region, enable true circularity and set
a new benchmark for decarbonization. We have decades of history
successfully operating in Longview, and this will be a great investment
for the local community."
Incentives from the U.S. Department of Energy and the State
of Texas
The company was selected by the DOE to
accelerate the demonstration of industry-leading low-carbon
intensity recycled PET with this project. Reaching a collaborative
agreement with the DOE enables expanding the project to include the
deployment of thermal heat batteries and onsite solar power. This,
combined with Eastman's
next-generation methanolysis technology, achieves a step-change
improvement in decarbonizing PET production resulting in recycled
PET with greater than 70 percent reduced carbon emissions compared
to fossil virgin production, and approximately 90 percent reduced
carbon emissions when including avoided emissions.
Eastman's planned project in
Longview is aligned with the DOE's
goal of catalyzing industry-wide change to a low-carbon future.
Also, as part of the award from the DOE, the company plans to
support the renovation of a community center to be used as a hub
for community outreach, workforce training and development, and
other ongoing needs of its community partners.
"We are honored to be selected by the DOE to help fund this
important project," Costa continued. "The commitment helps us to
further invest in the local community with a comprehensive
community benefits plan. The support of these partners is a
testament to our technology and the difference we can make for
future generations."
Eastman also obtained
significant state and local tax incentives in support of the
project totaling approximately $70
million.
"Texas is where businesses
flourish and people prosper," said Texas Governor Greg
Abbott. "With our highly skilled workforce, unmatched
business climate, and reasonable regulations, it is no surprise
businesses from around the globe continue to choose to grow in
Texas. This additional facility by
Eastman in Longview will bring hundreds of good-paying
jobs to hardworking Texans and millions in capital investment to
East Texas. I thank the members of
the Texas Legislature and local leaders for their tireless work to
attract world-class business investments to our great state.
Together, we will continue to create a bigger, better Texas for generations to come."
"We also deeply appreciate the support of Governor Abbott and
the State of Texas for its
continued collaboration as we announce this large investment at our
Longview facility," Costa added.
'We are excited to work with the state and local leaders to
continue our legacy in Texas for
generations to come."
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 newly announced facility in Texas, Eastman has recently completed its first
molecular recycling facility in Kingsport, Tennessee, and plans to invest in
another location in France. For
more on Eastman's circular economy
strategy and initiatives, visit eastman.eco.
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 eastman.com.
Contacts:
Investors: Greg Riddle / 1-212-835-1620 /
griddle@eastman.com
Media: Kristin Parker /
1-423-229-2526 / kristin@eastman.com
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SOURCE Eastman