HOUSTON
and ROTTERDAM, Netherlands and PARIS, Nov. 27,
2017 /PRNewswire/ -- LyondellBasell (NYSE: LYB), one of
the world's largest plastics, chemical and refining companies,
today announced it has entered into a definitive
agreement to purchase a 50 percent stake in Quality Circular
Polymers (QCP), a high standard plastics recycling company in
Sittard-Geleen, Netherlands. Under
the terms of the agreement, LyondellBasell will be a 50 / 50
partner in QCP with SUEZ, a French company specialized in water and
waste management.
This transaction marks the first time that a major plastics and
chemicals company partners with a leader in resource management to
contribute to circular economy objectives.
"As the circular economy increases in prominence and importance,
we believe that demand for recycled materials will continue to
grow," LyondellBasell CEO Bob Patel
and SUEZ CEO Jean-Louis Chaussade said in a joint statement. "This
acquisition combines LyondellBasell's European market presence and
technical capabilities with SUEZ's ability to collect and recover
waste into new materials. We believe that this new venture will
provide a strategic platform for future sustainable growth."
QCP was founded in 2014. Its Sittard-Geleen facility, near
Maastricht, is capable of converting consumer waste into 35,000
tons of polypropylene (PP) and high-density polyethylene (HDPE) per
year starting in 2018.
LyondellBasell will market QCP materials following the
completion of the transaction, which is subject to regulatory
approval. LyondellBasell and SUEZ are seeking to secure regulatory
approval by the end of this year.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one
of the largest plastics, chemicals and refining companies in the
world. Driven by its 13,000 employees around the globe,
LyondellBasell produces materials and products that are key to
advancing solutions to modern challenges like enhancing food safety
through lightweight and flexible packaging, protecting the purity
of water supplies through stronger and more versatile pipes, and
improving the safety, comfort and fuel efficiency of many of the
cars and trucks on the road. LyondellBasell sells products into
approximately 100 countries and is the world's largest licensor of
polyolefin and polypropylene technologies. More information about
LyondellBasell can be found at www.lyondellbasell.com.
About SUEZ
With 90,000 people on five continents,
SUEZ is a world leader in smart and sustainable resource
management. We provide water and waste management solutions that
enable cities and industries to optimize their resource management
and strengthen their environmental and economic performances, in
line with regulatory standards. To meet increasing demands to
overcome resource quality and scarcity challenges, SUEZ is fully
engaged in the resource revolution. With the full potential of
digital technologies and innovative solutions, the Group recovers
17 million tons of waste per year and produces 3.9 million tons of
secondary raw materials and 7 TWh of local renewable energy. It
also secures water resources, delivering wastewater treatment
services to 58 million people and reusing 882 million m3 of
wastewater. SUEZ generated total revenues of 15.3 billion euros in 2016.
About Quality Circular Polymers
Quality Circular Polymers (QCP) manufactures polymers of high and
consistent quality based on used plastics. Reliable supply,
integration, leading technologies and innovative recipes enable QCP
to push the circular plastics industry to the next level. More
information can be found at www.QCPolymers.com.
Forward-Looking Statement
The statements in this
release relating to matters that are not historical facts are
forward-looking statements. These forward-looking statements are
based upon assumptions of management which are believed to be
reasonable at the time made and are subject to significant risks
and uncertainties. Actual results could differ materially from the
projections, anticipated results, or other expectations expressed
in this release, including, but not limited to, our ability to
complete the acquisition described or the timing of such
transaction; our ability to obtain all necessary regulatory
approvals; and general economic conditions in geographic regions or
markets served by LyondellBasell and its affiliates, or where
operations of the company and its affiliates are located. While
these statements and projections are made in good faith,
LyondellBasell and its management cannot guarantee that anticipated
future results will be achieved. 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, 2016,
which can be found at www.lyb.com on
the Investor Relations page and on the Securities and Exchange
Commission's website at www.sec.gov.
LyondellBasell assumes no obligation to publicly update or revise
any forward-looking statements made herein or any other
forward-looking statements made, whether as a result of new
information, future events, or otherwise.
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SOURCE LyondellBasell