Eastman has successfully commenced on-spec initial production at its new molecular recycling facility in Kingsport, Tennessee, marking a significant achievement. Revenue generation has already begun, and the company anticipates a gradual increase in production over the coming months, facilitating growth across diverse markets. This milestone is pivotal, setting the stage for Eastman to realize approximately $75 million of additional EBITDA in 2024 from this facility, bolstering its circular economy platform.
Mark Costa, Board Chair and CEO, expressed gratitude towards the Eastman team for their unwavering dedication in bringing the facility online. The scale at which molecular recycling is demonstrated reaffirms Eastman's leadership in fostering a circular economy. The demand for recycled material at virgin-quality levels from this facility remains robust, marking a significant milestone in Eastman's journey.
Eastman's proven polyester renewal technology offers a sustainable solution to recycling hard-to-recycle plastic waste, diverting it from landfills or incineration. By breaking down waste into molecular building blocks and reconstructing them into virgin-quality material without compromising performance, Eastman facilitates the potential infinite reuse of materials. This process significantly reduces greenhouse gas emissions compared to traditional methods, particularly in the production of food contact polyesters.
Alongside the completion of the Kingsport facility, Eastman is strategically planning to invest in two additional molecular recycling plants, one in France and another in the United States.
Mark Costa, Board Chair and CEO, expressed gratitude towards the Eastman team for their unwavering dedication in bringing the facility online. The scale at which molecular recycling is demonstrated reaffirms Eastman's leadership in fostering a circular economy. The demand for recycled material at virgin-quality levels from this facility remains robust, marking a significant milestone in Eastman's journey.
Eastman's proven polyester renewal technology offers a sustainable solution to recycling hard-to-recycle plastic waste, diverting it from landfills or incineration. By breaking down waste into molecular building blocks and reconstructing them into virgin-quality material without compromising performance, Eastman facilitates the potential infinite reuse of materials. This process significantly reduces greenhouse gas emissions compared to traditional methods, particularly in the production of food contact polyesters.
Alongside the completion of the Kingsport facility, Eastman is strategically planning to invest in two additional molecular recycling plants, one in France and another in the United States.