Synthetic fibres manufacturer Eastman plans to invest up to $1 billion in a material-to-material molecular recycling facility in France.
The announcement was made jointly in Paris on Monday (January 17th), by French president Emmanuel Macron and Eastman CEO Mark Costa.
It will use the company’s polyester renewal technology to recycle up to 160,000 metric tons annually of hard-to-recycle plastic waste that is currently being incinerated.
The investment will create virgin-quality material with a significantly lower carbon footprint. Eastman is the largest investor at this year’s “Choose France” event, which is focused on attracting foreign investment to the country.