LyondellBasell (LYB) announced that it has entered into an agreement to fully acquire APK AG in Merseburg, Germany. The acquisition will enable LYB to expand and grow its Circular and Low Carbon Solutions business.
Completion of the transaction is subject to customary closing conditions. LYB believes that APK’s solvent-based recycling technology is a perfect fit with the company’s existing mechanical and advanced recycling technologies, which is why it has invested in the company in the past and worked together to deploy the technology at scale. By acquiring APK, LYB secures the company’s future after it enters bankruptcy at the end of May 2024.
“We see APK’s solvent-based recycling technology as an important addition to our existing and future mechanical and advanced recycling processes. This is another important step towards our goal of producing and marketing at least 2 million tonnes of recycled and renewable polymers annually by 2030,” said Yvonne van der Laan , LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. “APK’s highly motivated culture will be an excellent fit with LYB. We want to build on APK’s excellent progress and fully leverage their expertise in R&D, project engineering and operations to cement our position as an industry leader in sustainability.”
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“We are very pleased to have reached an agreement with LYB that secures the future of the company,” said Steve Döring, CEO of APK AG. “With its goal of becoming a global leader in circular solutions and technologies, LYB is a perfect strategic fit that will enable investments in growth opportunities and ensure that our unique solvent recycling technology can reach its full potential.”
The recycling technology is a unique solvent-based grade of low-density polyethylene (LDPE). LYB aims to increase the recycling of hard-to-recycle flexible plastic waste – which today makes up the majority of mixed plastic waste from the consumer sector. The technology separates the different polymers from hard-to-recycle flexible plastic waste and produces recycled materials with a high level of purity suitable for new flexible packaging, e.g. for personal care products. The materials produced are sold under the LYB Circulen brand .
In March 2023, LYB unveiled its core new corporate strategy, which aims to establish LYB as an industry leader in sustainability. LYB has formulated ambitious plans to create access to innovative and differentiated world-class technologies and established a dedicated Circular & Low Carbon Solutions (CLCS) business unit as a key element of its new strategy. CLCS has begun making major investments in plastic waste sorting and recycling in Europe, the United States and Asia.
SOURCE: PRNewswire