SEATTLE (Recycling Monster): LyondellBasell announced that it has signed an agreement with Veolia Belgium towards restructuring of its ownership of Quality Circular Polymers (QCP) BV recycling facilities in Belgium and Netherlands. Further to Veolia selling its 50% share to LyondellBasell, the latter will have 100% ownership of QCP.

The restructuring will see LyondellBasell progressing its strategy to build a profitable circular and low carbon solutions business. The company reiterated its commitment to continue working in collaboration with its customers towards supply of sustainable products and services.

Yvonne van der Laan, executive vice president, Circular & Low Carbon Solutions of LyondellBasell stated that the company is committed to creating solutions for everyday sustainable living. The acquisition of full ownership of QCP will support the company’s earlier stated goal to produce and market at least 2 million metric tons of recycled and renewable-based polymers, he added. Furthermore, he thanked Veolia for the collaboration over the past five years.

The QCP recycling facilities processes household plastic waste to generate useful materials such as bottles, buckets, caps, closures, strollers and suitcases.