Eastman ranked in Fortune’s Change the World list
October 12 2021 - 8:50AM
Business Wire
Magazine chooses Eastman for recycling
innovations that tackle the plastic waste crisis
Eastman (NYSE:EMN) is ranked No. 21 in Fortune magazine’s 2021
Change the World list, which recognizes companies that have a
positive social impact through activities that are part of their
core business strategy. Fortune identified Eastman as a company
that is changing the world through advanced recycling technologies
that process hard-to-recycle plastics and reduce the company’s
carbon footprint.
“We’re pleased to be recognized by Fortune with an award that
gets right to the heart of our purpose at Eastman,” said Mark
Costa, board chair and CEO. “We’re committed to innovation that
reduces material waste and preserves our planet, while delivering
sustainable solutions that enhance the quality of life for people
around the world.”
One of the key factors Fortune uses to evaluate companies for
impact is “measurable social impact,” which carries extra weight in
the magazine’s evaluations. In determining the list, Fortune
editors and writers use that factor to consider “the reach, nature
and durability of the company’s impact on one or more specific
societal problems.”
Eastman was selected for the Change the World list because the
company has innovated advanced recycling technologies that are
processing hard-to-recycle plastics that have previously been
destined for landfill, incineration or end up in the environment.
Eastman has committed to recycle more than 250 million pounds of
plastic waste annually by 2025 and more than 500 million pounds
annually by 2030.
Through advanced recycling, Eastman is not only delivering
real-world solutions to the global plastic waste crisis – it is
mitigating climate change, too. Molecular recycling technologies
have 20 percent to 50 percent fewer greenhouse gas emissions than
traditional processes for producing plastics. These Eastman
innovations are critical to its goal to become carbon neutral by
2050 and achieve one-third of that goal by 2030.
Fortune writers and editors evaluated companies on four factors.
In addition to measurable social impact, Fortune considered
business results, degree of innovation, and corporate integration.
Fortune staffers determine the list with help from Shared Value
Initiative, a global community of leaders who find business
solutions for societal challenges. This is the seventh year of the
Change the World list.
Eastman is building the world’s largest polyester molecular
recycling facility in Kingsport, Tenn., and that facility is
expected to be mechanically complete in late 2022. The company’s
molecular recycling technologies are an essential element of its
sustainability strategy to build “a better circle,” Eastman’s theme
for building a better planet and the title of its sustainability
report, published in December 2020.
To learn more about Eastman’s vision to mainstream circularity,
visit www.eastman.eco.
About Eastman: 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211012005683/en/
Media Inquiries: Brad Lifford +1 423-229-6543 /
blifford@eastman.com
Investors: Greg Riddle, Eastman +1 212-835-1620 /
griddle@eastman.com
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