Company welcomes additional recycling technology to its portfolio
- Ambition to further develop solvent-based recycling technology and bring to commercial scale
- Company secures future of employees and fosters expertise with full integration
- Plant to be transformed into post-consumer plastic waste recycling
ROTTERDAM, The Netherlands, Oct. 17, 2024 (GLOBE NEWSWIRE) -- LyondellBasell (LYB) today announced it became full owner of APK AG in Merseburg, Germany. APK will be fully integrated and continue as part of LYB, a sustainability leader in the chemical industry. It is LYB's ambition to further develop the company's unique solvent-based technology for low density polyethylene (LDPE) and build commercial plants in the future. This will enable LYB to produce new high-purity materials that can be used in applications like flexible packaging for personal care products, meeting the demands of customers and brand owners.
"We are excited to complete the acquisition of solvent-based recycling technology company APK, securing the future of more than a hundred employees and adding another solution for our customers to meet their circularity ambitions and goals," says Yvonne van der Laan, LYB executive vice president of circular and low carbon solutions. "This technology complements our excellent mechanical recycling technology, as well as our proprietary advanced recycling technology. We see this as a crucial addition to our portfolio on our journey to a circular economy, helping end plastic waste."
The closing of the APK acquisition is another proof point of how LYB creates solutions for a better tomorrow, following the foundation stone laying of its first industrial-scale MoReTec plant for catalytic advanced recycling in Wesseling on September 19 with German Chancellor Scholz. LYB aims to address rising demand for more sustainable solutions from customers and society.
"We are incredibly pleased to be part of LYB. LYB offers great expertise, career opportunities and financial strength to lift the company to the next level," says Maik Pusch, former director of corporate development at APK AG and integration lead. "I am convinced this combination will help our technology reach its full potential, as well as securing a promising future for our employees."
The recycling technology is a unique solvent-based kind for low density polyethylene (LDPE). LYB aims to increase the recycling of hard-to-recycle flexible plastic waste materials - which today make up most of the mixed plastic waste from the consumer sector. The materials produced will be sold under LYB's Circulen portfolio.
In March 2023 LYB revealed its pivotal new company strategy aimed at establishing LYB as an industry leader in sustainability. LYB has formulated ambitious plans to create access to best-in-class innovative and differentiated technologies as a key element of its new strategy and formed a dedicated circular and low carbon solutions (CLCS) business. CLCS has started to make substantial investments upstream in plastic-waste sorting and recycling operations in Europe, the United States and Asia.
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Forward-Looking Statements
The statements in this release relating to matters that are not historical facts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, our ability to meet our sustainability goals, including our ability to successfully integrate the operations and operate the facilities; our ability to build a profitable Circular & Low Carbon Solutions business; and the ability to increase production of recycled and renewable-based polymers to meet our targets and forecasts and our ability to procure feedstock to meet these goals. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.comon the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.
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