Through methanolysis, the facility will convert polyester waste that often ends up in landfills and waterways, with Eastman investing around  $250 million over the next two years.

Polyester renewal technology will be an especially impactful solution, said the company, as low-quality polyester waste that cannot be mechanically recycled and would typically be diverted to landfills, incineration or end up in the environment can instead be recycled into high-quality polyesters.

The facility will reduce the company's use of fossil feedstocks and reduce its greenhouse gas emissions by 20-30% relative to fossil feedstocks.

Eastman CEO Mark Costa said: “"With the growing demand for products made with recycled content and the urgent need to address the global plastic waste crisis, now is the time for Eastman to take this step. 

"Thanks to the support of the State of Tennessee and our local officials, we are able to build this facility in our home state, which we believe positions Tennessee to be a leader in enabling the circular economy and an example for others to follow.”

This facility, which is expected to be mechanically complete by year-end 2022, will contribute to the company achieving its sustainability commitments for addressing the plastic waste crisis, which includes recycling more than 500 million pounds of plastic waste annually by 2030. The company has committed to recycling more than 250 million pounds of plastic waste annually by 2025.