LyondellBasell and SUEZ to acquire European plastics recycling company
US-based LyondellBasell announced that it has entered into a definitive agreement to purchase 50% stakes in Quality Circular Polymers (QCP), a plastics recycling company in the 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.
"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.
