- Eastman will invest $250 million in world-scale facility
KINGSPORT, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Bob Rolfe and Eastman officials announced today that the company will build one of the world’s largest plastic-to-plastic recycling facilities at its site in Kingsport, Tenn.
A global leader in plastics, chemicals and fibers, Eastman will invest approximately $250 million in the facility over the next two years, which will support the company’s commitment to addressing global waste solutions and mitigating challenges created by climate change, while also creating value for its stakeholders.
The facility, which is expected to be mechanically complete by year-end 2022, will contribute to Eastman achieving its ambitious sustainability commitments for addressing the plastic waste crisis, which includes recycling more than 500 million pounds of plastic waste annually via molecular recycling technologies by 2030. The company has committed to recycling more than 250 million pounds of plastic waste annually by 2025.
Through methanolysis, Eastman’s new world-scale facility will convert polyester waste that often ends up in landfills and waterways into durable products, creating an optimized circular economy.
Utilizing Eastman’s polyester renewal technology, the facility will use over 100,000 metric tons of plastic waste that cannot be recycled by current mechanical methods to produce premium, high-quality specialty plastics made with recycled content. This process of using plastic waste as the main feedstock is a true material-to-material solution and will not only reduce the company’s future use of fossil feedstocks, but also reduce its greenhouse gas emissions by 20-30 percent relative to fossil feedstocks.
Eastman was one of the pioneers in developing methanolysis technology at commercial scale and has more than three decades of expertise in this innovative recycling process. Eastman’s experience with methanolysis makes it uniquely qualified to be a leader in delivering this solution at commercial scale. Advanced circular recycling technology can be an especially impactful solution, as low-quality polyester waste that cannot be mechanically recycled and would typically be diverted to landfills, incineration or end up in the environment can instead be recycled into high-quality polyesters suitable for use in a variety of end-use durable applications.
Over the last five years, TNECD has supported more than 40 economic development projects in Northeast Tennessee, resulting in approximately 4,700 job commitments and $773 million in capital investment.
QUOTES
“Eastman is a global leader in the materials sector, and we are grateful that they continue to be one of the largest employers in our state. I’d like to thank the company for their continuous investment in Kingsport and for focusing on innovative technology that enhances the quality of life for people not just in Tennessee, but around the world.” – Gov. Bill Lee
“Eastman employs more than one-third of the Tennesseans that work in our state’s chemical industry, and we applaud the company for expanding its capabilities in Kingsport while reaffirming its commitment to sustainability. The groundbreaking work done at Eastman’s Sullivan County headquarters makes an international impact, and we are proud that the company continues to grow and invest in Northeast Tennessee.” – TNECD Commissioner Bob Rolfe
“With the growing demand for products made with recycled content and the urgent need to address the global plastic waste crisis, now is the time for Eastman to take this step. We are grateful for our partnership with Governor Lee in making today’s announcement possible. Thanks to the support of the State of Tennessee and our local officials, we are able to build this facility in our home state, which we believe positions Tennessee to be a leader in enabling the circular economy and an example for others to follow. This will be a great investment for our local community and our customers, while also creating small business jobs to develop the recycling infrastructure necessary to support investment in a sustainable future.” – Mark Costa, Eastman board chair and CEO
“I’m excited with the opportunity for Eastman – and the region. We are all pleased Eastman continues to invest in Sullivan County and create job opportunities. This is a truly new phase of growth for Eastman – and we appreciate work done by Governor Lee and others to facilitate this major investment.” – Sen. Jon Lundberg (R–Bristol)
“Eastman has made significant contributions to our community over the last one hundred years. I am grateful they are continuing to invest in our district’s most valuable resource–our workforce.” – Rep. Bud Hulsey (R–Kingsport)
TNECD Media Contact
Jennifer McEachern
Director of Communications and Marketing
(615) 336-2689
[email protected]
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 14,500 people around the world and serves customers in more than 100 countries. The company had 2019 revenues of approximately $9.3 billion and is headquartered in Kingsport, Tennessee, USA. For more information, visit www.eastman.com.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter and Instagram: @tnecd. Like us on Facebook: facebook.com/tnecd.
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