Belgium – LyondellBasell and Veolia Belgium have reached an agreement to restructure the ownership of Quality Circular Polymers (QCP) BV recycling facilities.
With this agreement, LyondellBasell will become the sole owner of QCP, a company that produces mechanically recycled blends from household plastic waste. QCP’s recycled materials are used in various items, from bottles to strollers and suitcases.
This move is part of LyondellBasell’s strategy to build a profitable circular and low carbon solutions business that meets customer demand for more sustainable products and solutions. With full ownership of QCP, LyondellBasell aims to produce and market at least 2 million metric tons of recycled and renewable-based polymers.
“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 of LyondellBasell.
Cooperation continues
Eric Troudoux, senior vice president Solid Waste Recycling & Recovery of Veolia Belgium, stated that the divestment of Veolia Belgium’s participation in QCP is in line with the company’s strategy to grow its presence across the entire value chain in Europe and worldwide. Veolia Belgium will continue to cooperate with LyondellBasell by remaining a QCP feedstock supplier for several years.
LyondellBasell will continue to offer QCP polymers under its CirculenRecover brand, with QCP as its growth platform to enable circular solutions. The acquisition of full ownership of QCP will support LyondellBasell’s goal to become a leader in the production of sustainable and circular polymers.
Advancing circular solutions
While this acquisition has the potential to accelerate the development of sustainable and circular products, it also poses some potential challenges. One challenge could be the competition in the market for recycled polymers, as more companies are seeking to establish their position in the circular economy. Another challenge could be the availability and quality of feedstock, as the supply of household plastic waste may be limited and inconsistent.
Despite these potential challenges, LyondellBasell’s acquisition of full ownership of QCP shows its commitment to advancing circular solutions.
