MOSCOW (MRC) -- Eastman Chemical Co. has signed a deal to supply beverage giant PepsiCo Inc. from its proposed third chemical recycling plant, said Sustainableplastics.
"We are excited to have reached a definitive agreement with PepsiCo for our third planned molecular recycling facility, demonstrating our leadership position to create significant value in the circular economy," Eastman Chairman and CEO Mark Costa said in an Oct. 27 earnings release.
Eastman's first chemical recycling plant is set to open early next year in Kingsport, Tenn., where the firm is based. A second plant will open in Normandy, France, in 2025. Interzero Plastics Recycling of Germany will supply the French plant with PET household packaging waste as feedstock.
Eastman has not announced the location of the third chemical recycling plant, although the company has approached school district officials in Texas City, Texas, regarding the potential of tax breaks. In the third quarter, Eastman's sales roughly were flat at USD2.7 billion vs. the year-ago period. Net earnings fell almost 18 percent to USD301 million in the same comparison.
Sales for the quarter in Eastman's Advanced Materials unit — including Tritan-brand copolyester — were up 15 percent to USD888 million, with earnings before interest and taxes (EBIT) up almost 5 percent to USD131 million.
On Wall Street, Eastman's per-share price began the year around USD122 but closed near USD77 on Oct. 31 for a decline of almost 40 percent so far in 2022. Eastman employs 14,000 worldwide and posted sales of USD10.5 billion in 2021.
As per MRC, Eastman announced a planned increase of its Therminol 66 heat transfer fluid manufacturing capacity in Anniston, USA. The plant expansion is expected to be complete in 2024. With the expansion of its capacity for Therminol 66, Eastman increases its production volume for this heat transfer fluid in the US by 50?%. The expansion of the company’s plant in Annistion, USA, is expected to be completed in 2024.
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.