Lyondell Basell to Acquire Full Ownership of Plastics Recycling JV QCP

Restructuring Lyondell Basell to Acquire Full Ownership of Plastics Recycling JV QCP

2023-05-02 Source: Press release Ahlam Rais 2 min Reading Time

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Under an agreement signed between Veolia and Lyondell Basell, Veolia will sell its 50 % stake in the joint venture Quality Circular Polymers (QCP) to Lyondell Basell who will then become 100 % owner of the joint venture.

Lyondell Basell and Veolia Belgium have signed an agreement to restructure the ownership of QCP recycling facilities, with locations in Belgium and the Netherlands. (Source: Lyondell Basell) — Lyondell Basell and Veolia Belgium have signed an agreement to restructure the ownership of QCP recycling facilities, with locations in Belgium and the Netherlands.
(Source: Lyondell Basell)

Houston/USA – Lyondell Basell and Veolia Belgium have signed an agreement to restructure the ownership of Quality Circular Polymers (QCP) recycling facilities, with locations in Belgium and the Netherlands. Veolia will sell its 50 % share to Lyondell Basell which will become 100 % owner of QCP. With full ownership of QCP, Lyondell Basell is progressing its strategy to build a profitable circular and low carbon solutions business, to meet customer demand for more sustainable products and solutions. Lyondell Basell 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 Lyondell Basell is committed to creating solutions for everyday sustainable living," said Yvonne van der Laan, executive vice president, Circular & Low Carbon Solutions of Lyondell Basell. "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."

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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. Lyondell Basell will continue to offer QCP polymers under its Circulen Recover 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 Lyondell Basell, notably by remaining a QCP feedstock supplier for several years," said Eric Troudoux, senior vice president Solid Waste Recycling & Recovery.

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