Benzinga | Oct 14, 2021 09:28AM EDT

Stanley Black & Decker, Eastman Team Up On Sustainable Power Tools

* Stanley Black & Decker, Inc. (NYSE:SWK) and Eastman Chemical Co (NYSE:EMN) collaborate to advance sustainability in the power tools industry. The financial terms of the arrangement were not disclosed.

* BLACK+DECKER, a Stanley Black & Decker brand, to release a new product line, reviva, in early 2022, offering the brand's first sustainability-led power tools that use Eastman's Tritan Renew copolyester.

* Stanley Black & Decker expects the new reviva power tools to be manufactured using Tritan Renew material produced through Advanced Circular Recycling, also known as molecular recycling.

* This process reduces the use of fossil-based resources and lowers greenhouse gas emissions while providing the performance of virgin plastic materials and environmental benefits of 50% recycled content.

* Price Action: SWK shares closed lower by 0.25% at $173.30, while EMN closed lower by 0.32% at $103.82 on Wednesday.