KINGSPORT, Tenn. and CINCINNATI, Aug. 2, 2021 /PRNewswire/ -- Today Eastman (NYSE: EMN) announced that it has entered an agreement with Procter & Gamble (NYSE: PG) to further accelerate the transformation of plastic packaging and collaborate on recycling solutions to enable a circular economy. P&G will use Eastman Renew materials in select products and packaging, supporting both companies' goals to reduce the use of virgin plastic from fossil resources. Additionally, the companies will collaborate on advocacy initiatives aimed at reducing reliance on virgin plastic and enabling a circular economy for many products people depend on daily.
"Eliminating waste plastic from our environment is a complex global challenge that requires a comprehensive, collaborative approach across the entire plastics lifecycle. P&G is taking a thoughtful approach to addressing the collection, processing, revitalization, and reuse of materials. That's why we selected Eastman's molecular recycling technologies which enable former waste to be transformed into useful products," explained Lee Ellen Drechsler, Procter & Gamble Senior Vice President of R&D.
Eastman Renew materials are made via Eastman's molecular recycling technologies using waste plastic that, without this technology, would end up in landfills. These advanced recycling technologies are a complement to traditional recycling, expanding the types and amounts of plastics that can be recycled. This gives materials an extended useful life and diverts plastic waste from landfills or the environment.
In addition to packaging innovation, P&G and Eastman will collaborate on initiatives addressing the infrastructure needed to increase plastic recycling rates. These efforts will complement the current recycling streams in the United States and enable additional recycling options for consumers eager to help solve the plastic waste problem. The two companies will work to expand the collection of hard-to-recycle plastics, further diverting waste from landfills. These expanded recycling streams will be used to create new materials via Eastman's molecular recycling technologies.
"Eastman is excited to have Procter & Gamble as a partner to put molecular recycling into practice," said Scott Ballard, Eastman's Division President of Plastics. "Together, we can create value from waste and show the world what's possible through innovation. The value created will help drive the critical changes in our recycling infrastructure that are necessary to solve the plastic waste crisis."
Eastman Renew materials are available globally at scale now, enabling companies like Procter & Gamble to deliver circular product and packaging solutions to consumers. P&G is working to integrate Eastman Renew materials into select product packaging later this year. Eastman is constructing one of the world's largest plastic-to-plastic recycling facilities at its Kingsport, Tenn., location, with completion expected in 2022. The molecular recycling facility will consume over 200 million pounds annually of landfill-bound waste plastic in the making of Eastman Renew materials. Visit eastman.eco for more information on Eastman's efforts in the circular economy and Eastman Renew materials.
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. The company's innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. The company had 2020 revenues of approximately $8.5 billion and is headquartered in Kingsport, Tennessee, USA. For more information, visit eastman.com.
About Procter & Gamble
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands. For other P&G news, visit us at www.pg.com/news.