Quality Circular Polymers has been a 50:50 plastics recycling joint venture since 2018 between LyondellBasell and SUEZ, which merged with Veolia
LyondellBasell has reached a deal to take full ownership of the Quality Circular Polymers (QCP) plastics recycling joint venture (JV) by acquiring its partner Veolia Belgium’s 50% stake.
The financial terms of the deal were not disclosed.
Quality Circular Polymers has locations in Belgium and the Netherlands.
LyondellBasell said that the full ownership enables it to advance its strategy to develop a profitable circular and low carbon solutions business for coping with customer demand for more sustainable solutions and products.
The Netherlands-based chemical company claimed that it is well-placed to continue working with its customers for supplying the products and solutions required, to meet their own goals.
LyondellBasell circular and low carbon solutions executive vice president Yvonne van der Laan said: “The demand for circular solutions continues to grow, and LyondellBasell is committed to creating solutions for everyday sustainable living.
“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.”
Founded in 2014, Quality Circular Polymers became a 50:50 joint venture in 2018 between SUEZ and LyondellBasell.
SUEZ, which has merged with Veolia, has been supplying household plastic packaging waste as raw material for the joint venture, which converts them into special blends.
Its partner LyondellBasell has been handling the marketing and sales activities of the products made by Quality Circular Polymers that are being sold under the former’s brand names Hostalen (HDPE) and Moplen (PP).
Quality Circular Polymers’ recycled materials are employed for making bottles, caps, buckets, closures, suitcases, and strollers.
Following the closing of the deal, LyondellBasell will continue to offer Quality Circular Polymers’ polymers under the CirculenRecover brand, with the latter to serve as its growth platform to facilitate circular solutions.
Veolia solid waste recycling and recovery senior vice president Eric Troudoux said: “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 internalise additional volumes in our plastics recycling plants in Europe.”