LyondellBasell, Veolia Tweak Plastics Recycling JV QCP
LyondellBasell Industries NV
LyondellBasell and Veolia Belgium have agreed to restructure their joint venture (JV) Quality Circular Polymers (QCP) BV recycling facilities situated in Belgium and the Netherlands.
Under the agreement, Veolia will transfer its 50% ownership to LyondellBasell, making it the sole owner of QCP.
LyondellBasell's acquisition of full ownership of QCP will advance its plan to establish a profitable low-carbon and circular solutions business, to cater to customer demand for sustainable products and solutions. The company will collaborate with customers to provide them with the necessary products and solutions to achieve their goals.
According to Yvonne van der Laan, LyondellBasell's executive vice president of Circular & Low Carbon Solutions, the demand for circular solutions is on the rise, and the company aims to produce and market at least two million metric tonnes of recycled and renewable-based polymers.
The QCP's mechanical recycling facilities produce special blends using household plastic waste, which are used to make a variety of items, such as bottles, buckets, and suitcases. LyondellBasell will continue to offer QCP polymers under its CirculenRecover brand, using QCP as its growth platform for circular solutions.
Veolia's strategy is to expand its presence across the value chain in Europe and worldwide. The company has divested its participation in QCP to allow it to internalise additional volumes in its plastics recycling plants in Europe. However, Veolia will remain a feedstock supplier for QCP for several years and will continue to collaborate with LyondellBasell.
To view and compare company ESG Ratings and Sustainability Reports across sectors, follow our Company ESG Profiles page.
Source: PRNewswire
