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Eastman (EMN) & Interzero Ink Supply Deal for Recycling Plant
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Eastman Chemical Company (EMN - Free Report) recently entered into a long-term supply agreement with Interzero — an innovation leader in plastics recycling with the biggest sorting capacity in Europe — for Eastman Chemical's molecular recycling plant in Normandy, France.
Under the deal, Interzero will provide up to 20,000 metric tons annually of hard-to-recycle polyethylene terephthalate (“PET”) household packaging waste for Eastman Chemical's planned molecular recycling facility in France.
Eastman Chemical, which is a prominent player in the chemicals space along with Dow Inc. (DOW - Free Report) , Celanese Corporation (CE - Free Report) and Air Products and Chemicals, Inc. (APD - Free Report) , said that its planned molecular recycling plant will become the biggest material-to-material molecular recycling facility in the world. The plant is expected to recycle roughly 160,000 tons of hard-to-recycle polyester waste annually once complete. The project is expected to be online in 2025.
This deal marks a key milestone towards Eastman Chemical’s investment in France. The partnership strengthens the complementary nature of mechanical and molecular recycling, Eastman Chemical noted.
Chemical recycling is a key element to mechanical recycling to keep more raw materials in the loop and both Eastman Chemical and Interzero are committed to create material circularity.
Eastman Chemical's polyester renewal technology offers true circularity for hard-to-recycle plastic waste, which is typically incinerated because it either cannot be mechanically recycled or must be downcycled using existing technology. The technology allows this material to be broken down into its molecular building blocks and then reassembled to become first-quality material while retaining performance. The materials can be made with significantly less greenhouse gas emissions than conventional methods leveraging the technology's inherent efficiencies and the renewable energy sources available in France.
Eastman Chemical, in its second-quarter call, stated that it expects to leverage its innovation-driven growth model to deliver above end market growth in the specialty product lines. It also projects to continue raising prices, especially in specialty product lines, in response to persistently high inflation, the company noted.
The company continues to expect adjusted earnings per share of $9.50-$10 for 2022. It also anticipates operating cash flow to be around $1.5 billion this year.
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Eastman (EMN) & Interzero Ink Supply Deal for Recycling Plant
Eastman Chemical Company (EMN - Free Report) recently entered into a long-term supply agreement with Interzero — an innovation leader in plastics recycling with the biggest sorting capacity in Europe — for Eastman Chemical's molecular recycling plant in Normandy, France.
Under the deal, Interzero will provide up to 20,000 metric tons annually of hard-to-recycle polyethylene terephthalate (“PET”) household packaging waste for Eastman Chemical's planned molecular recycling facility in France.
Eastman Chemical, which is a prominent player in the chemicals space along with Dow Inc. (DOW - Free Report) , Celanese Corporation (CE - Free Report) and Air Products and Chemicals, Inc. (APD - Free Report) , said that its planned molecular recycling plant will become the biggest material-to-material molecular recycling facility in the world. The plant is expected to recycle roughly 160,000 tons of hard-to-recycle polyester waste annually once complete. The project is expected to be online in 2025.
This deal marks a key milestone towards Eastman Chemical’s investment in France. The partnership strengthens the complementary nature of mechanical and molecular recycling, Eastman Chemical noted.
Chemical recycling is a key element to mechanical recycling to keep more raw materials in the loop and both Eastman Chemical and Interzero are committed to create material circularity.
Eastman Chemical's polyester renewal technology offers true circularity for hard-to-recycle plastic waste, which is typically incinerated because it either cannot be mechanically recycled or must be downcycled using existing technology. The technology allows this material to be broken down into its molecular building blocks and then reassembled to become first-quality material while retaining performance. The materials can be made with significantly less greenhouse gas emissions than conventional methods leveraging the technology's inherent efficiencies and the renewable energy sources available in France.
Eastman Chemical, in its second-quarter call, stated that it expects to leverage its innovation-driven growth model to deliver above end market growth in the specialty product lines. It also projects to continue raising prices, especially in specialty product lines, in response to persistently high inflation, the company noted.
The company continues to expect adjusted earnings per share of $9.50-$10 for 2022. It also anticipates operating cash flow to be around $1.5 billion this year.