LyondellBasell goes for Veolia’s share in joint venture Quality Circular Polymers

NETHERLANDS – Dutch chemical company LyondellBasell has agreed to acquire the remaining stake in Quality Circular Polymers (QCP), its plastic recycling joint venture (JV) with Veolia Belgium.

As part of the agreement, Veolia will sell its 50% share to LyondellBasell which will become 100% owner of Quality Circular Polymers.

The acquisition is in line with LyondellBasell’s strategy to create a profitable circular and low-carbon solutions business, to meet the rising demand for sustainable products and solutions.

LyondellBasell Circular & Low Carbon Solutions executive vice president Yvonne van der Laan said: “The demand for circular solutions continues to grow, and LyondellBasell is committed to creating solutions for everyday sustainable living.

“Full ownership of QCP supports our goal to produce and market at least two million metric tons of recycled and renewable-based polymers. We thank Veolia for their collaboration over the past five years and look forward to continuing to work with them as a feedstock supplier.”

QCP operates recycling facilities in Belgium and the Netherlands, which produce special blends using household plastic waste.

Recycled materials from these facilities are used for manufacturing bottles, caps, closures and other items.

For Veolia, the divestment aligns with its strategy to strengthen its presence in Europe and globally.

Veolia Solid Waste Recycling & Recovery senior vice president Eric Troudoux said: “The divestment of our participation in the QCP is in line with this strategy as it will allow us to internalize additional volumes in our plastics recycling plants in Europe.

“We will continue cooperation with LyondellBasell, notably by remaining a QCP feedstock supplier for several years.”

Following the acquisition, LyondellBasell will continue to sell QCP polymers under the CirculenRecover brand.

Meanwhile, in March this year, the company agreed to acquire Mepol Group, a producer of recycled, high-performing technical compounds, for an undisclosed sum.

The acquisition consists of Mepol S.r.l. and its subsidiaries Polar S.r.l. and Industrial Technology Investments Poland Sp.z.o.o.

The transaction closing is subject to regulatory approval and other customary closing conditions. During this period, Mepol Group will continue to operate on a standalone basis.

At the time, Torkel Rhenman, executive vice president of Advanced Polymer Solutions, said: “This acquisition demonstrates LyondellBasell’s commitment to move the circular economy forward.

“With Mepol Group’s expertise in sustainable compounds and LyondellBasell’s scale, we will enhance our CirculenRecover and other sustainable solutions for our customers.”

For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.