LyondellBasell has acquired full ownership of Quality Circular Polymers (QCP) BV recycling facilities by purchasing Veolia Belgium's 50% share. QCP's mechanically recycled blends are used in various products, and with this acquisition, LyondellBasell aims to build a profitable circular and low carbon solutions business. The company plans to produce and market at least 2 million metric tons of recycled and renewable-based polymers. Veolia will continue to collaborate with LyondellBasell as a feedstock supplier. The acquisition aligns with Veolia's strategy to grow its presence in the plastics recycling industry.
HOUSTON -- LyondellBasell (NYSE: LYB) and Veolia Belgium have signed an agreement to restructure the ownership of Quality Circular Polymers (QCP) BV recycling facilities, with locations in Belgium and the Netherlands. Veolia will sell its 50% share to LyondellBasell which will become 100% owner of QCP.
QCP's mechanically recycled blends are used in various items, from bottles to strollers and suitcases.
With full ownership of QCP, LyondellBasell is progressing its strategy to build a profitable circular and low carbon solutions business, to meet customer demand for more sustainable products and solutions. LyondellBasell is well-positioned to continue working with its customers to supply the products and solutions needed, to meet their own goals.
"The demand for circular solutions continues to grow, and LyondellBasell is committed to creating solutions for everyday sustainable living," said Yvonne van der Laan, executive vice president, Circular & Low Carbon Solutions of LyondellBasell. "Full ownership of QCP supports our goal to produce and market at least 2 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."
The QCP mechanical recycling facilities produce special blends, using household plastic waste. QCP's recycled materials are used to make items such as bottles, buckets, caps and closures as well as strollers and suitcases. LyondellBasell will continue to offer QCP polymers under its CirculenRecover brand, with QCP as its growth platform to enable circular solutions.
"Veolia's strategy is to grow its presence across the entire value chain in Europe and worldwide. 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," said Eric Troudoux, senior vice president Solid Waste Recycling & Recovery.