LyondellBasell Buys Stake in Plastics Recycling Company
LyondellBasell has entered into a definitive agreement to purchase a 50 percent stake in Quality Circular Polymers (QCP), a high standard plastics recycling company in Sittard-Geleen, Netherlands. Under the terms of the agreement, LyondellBasell will be a 50/50 partner in QCP with Suez, a French company specialized in water and waste management.
According to LyondellBasell, this transaction marks the first time that a major plastics and chemicals company partners with a leader in resource management to contribute to circular economy objectives. "As the circular economy increases in prominence and importance, we believe that demand for recycled materials will continue to grow," LyondellBasell CEO Bob Patel and Suez CEO Jean-Louis Chaussade said in a joint statement. "This acquisition combines LyondellBasell's European market presence and technical capabilities with Suez's ability to collect and recover waste into new materials. We believe that this new venture will provide a strategic platform for future sustainable growth."
QCP was founded in 2014. Its Sittard-Geleen facility, near Maastricht, is capable of converting consumer waste into 35,000 tons of polypropylene (PP) and high-density polyethylene (HDPE) per year starting in 2018.
LyondellBasell will market QCP materials following the completion of the transaction, which is subject to regulatory approval. LyondellBasell and SUEZ are seeking to secure regulatory approval by the end of this year.
LyondellBasell Industries Headquarters Europe, Asia
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