Longview, Texas, named as
the location of the facility
KINGSPORT, Tenn., March 25, 2024 /PRNewswire/ -- 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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