LyondellBasell and Veolia Belgium have signed an agreement to restructure the ownership of Quality Circular Polymers (QCP) BV recycling facilities, located in Belgium and the Netherlands. Veolia will sell its 50% share to LyondellBasell, which will become 100% owner of QCP.
With 100% ownership, LyondellBasell is progressing its strategy to build a profitable circular and low carbon solutions business to meet customer demand for more sustainable products and solutions.
"The demand for circular solutions continues to grow, and LyondellBasell is committed to creating solutions for everyday sustainable living," said Yvonne van der Laan, executive vice president, Circular & Low Carbon Solutions at LyondellBasell. "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."
The QCP mechanical recycling facilities produce special blends, using household plastic waste. QCP's recycled materials are used to make items like bottles, buckets, caps, and closures as well as strollers and suitcases. LyondellBasell will continue to offer QCP polymers under its CirculenRecover 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 LyondellBasell, notably by remaining a QCP feedstock supplier for several years," said Eric Troudoux, senior vice president, Solid Waste Recycling & Recovery.
