On January 18, 2022, French President Emmanuel Macron and Eastman (NYSE: EMN) Chairman and CEO Mark Costa will jointly announce that Eastman Plans to invest up to $1 billion in the construction of a material-conversion molecular-level recycling facility in France. The facility will use Eastman's polyester recycling technology to recycle up to 160,000 metric tons of hard-to-recycle plastic waste each year, which is currently being incinerated.
"The investment in France is an important step in Eastman's accelerated global circular economy strategy. Eastman is proud to work with the French government to actively contribute to France and the EU's bold commitment," said Eastman Chairman and Chief Executive Officer Officer Mark Costa said.
This investment will recycle enough plastic waste to fill the Stade de France (French national football stadium) 2.5 times a year, while also developing materials of original quality in a way that significantly reduces the carbon footprint. Eastman was the largest investor in this year's "Choose France" campaign, which focuses on attracting foreign investment to France.
This multi-phase project includes a unit to prepare mixed plastic waste for processing, a methanol decomposition unit to depolymerize the waste, and a polymer line to create a variety of high-quality materials for specialty, packaging and textile applications. Eastman also plans to create a molecular recycling innovation center that will enable France to continue its leadership role in the circular economy. The innovation center will advance alternative recycling methods and applications to control plastic waste incineration and preserve fossil feedstocks in the ground. The factory and innovation centre are expected to be operational by 2025, creating jobs for around 350 people and adding 1,500 indirect jobs in recycling, energy and infrastructure.
The circular economy is key to solving the global plastic waste crisis and the climate crisis, which have been at the center of attention in France and across Europe. This long-term partnership between France and Eastman will contribute to the achievement of the EU's Sustainable Development Goals by reducing carbon emissions and enabling a circular economy. France has demonstrated tremendous leadership by recognizing the critical role of molecular recycling and supporting innovation investments.
