PARIS, France (WJHL) — Eastman Chief Executive Officer Mark Costa and French President Emmanual Macron announced Monday that Eastman is on track to invest up to $1 billion in a material-to-material molecular recycling facility in France.

A release reads that the facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tonnes per year of hard-to-recycle plastic waste.

“The investment in France is a significant step forward in Eastman’s strategy to accelerate a circular economy globally,” Costa said. “Eastman is proud to partner with the French government to actively contribute to France’s and the European Union’s bold commitments.

“France has demonstrated their commitment toward a sustainable future and Eastman has set similar, ambitious carbon and circular economy goals. The announcement today has been made possible thanks to the support of President Macron, the French government and its agency Business France, who have worked with impressive urgency to enable and incentivize this large and complex project. We look forward to working together for the long term and offer necessary innovations to recycle plastic waste and protect our planet for future generations.”

The project will aim to achieve the EU’s sustainability goals by reducing carbon emissions and promoting a circular economy, according to the release. It will include Eastman’s plan to establish an innovation center by 2025 that would work to curb plastic waste incineration.

Eastman’s project has garnered support from a handful of global brands who remain committed to combatting the world’s plastic waste problem, including LVMH Beauty, The Estée Lauder Companies, Procter & Gamble, L’Oréal and Danone.

For more information on the investment, CLICK HERE.