Source One has been implementing circular economy solutions, waste management, and recycling projects for brand manufacturers, retailers, producers, municipalities, governments, and customers in over 20 countries
LyondellBasell has joined Landbell and 23 Oaks Investments as shareholder in Source One. (Credit: LyondellBasell Industries Holdings B.V.)
Netherlands-based chemical firm LyondellBasell (LYB) has acquired a minority stake in Source One, a German plastic waste sourcing and engineering company, for an undisclosed price.
Source One is focused on the development of technical solutions for hard-to-recycle post-consumer plastic waste.
The company has been implementing circular economy solutions, waste management, and recycling projects for brand manufacturers, retailers, producers, municipalities, governments, and customers in over 20 countries.
Through its investment, LyondellBasell gains access to Source One’s engineering and plastic waste sourcing services.
Additionally, it will establish a partnership with Landbell, which is also a shareholder in Source One. This will be for supplying plastic packaging waste quantities for LyondellBasell’s advanced recycling operations.
LyondellBasell said that the processing of plastic waste quantities from extended producer responsibility (EPR) service providers like Landbell underscores its dedication to assisting brand owners in closing the loop for plastic packaging.
LyondellBasell circular and low carbon solutions executive vice president Yvonne van der Laan said: “We are committed to support the growing demand of our customers for circular solutions.
“With the investment in Source One we are taking another important step to secure access to plastic waste for our recycling activities and to strengthen our Circulen product portfolio of material made from recyclable or renewable resources.”
Germany-based 23 Oaks Investments, which formed the joint venture Source One Plastics with LyondellBasell in 2022, would own 50% of the shares of Source One.
In Germany, Source One Plastics is currently constructing an energy-efficient facility for sorting and recycling plastic trash.
Landbell COO Uwe Echteler said: “We are very pleased to welcome LYB as a global partner to Source One.
“The expertise in the production and processing of plastics and the resulting opportunities to close loops will further accelerate the innovative strength of Source One and the Landbell Group.”