LyondellBasell (LYB) announced it entered into an agreement to acquire full ownership of APK AG in Merseburg, Germany. Enabled by its technology, the acquisition positions LYB to grow and upgrade its Circular and Low Carbon Solutions business.

Closing of the transaction is subject to customary closing conditions. LYB believes APK's solvent-based recycling technology is a perfect fit with its already existing mechanical and advanced recycling technologies. Therefore, it already invested in the company in the past and made collaborative efforts on bringing the technology to scale. By acquiring APK, LYB secures the future of the company after it entered into insolvency at the end of May 2024.

"We see APK's solvent based recycling technology as a vital addition and complementary to our existing and future mechanical and advanced recycling operations. This is an important further step toward reaching our goal to produce and market at least 2 million metric tons of recycled and renewable based polymers annually by 2030," says Yvonne van der Laan, LyondellBasell executive vice president, Circular and Low Carbon Solutions. "The highly motivated culture of APK will be an excellent fit for LYB. We want to build on the excellent progress of APK and fully leverage its expertise of R&D, project engineering and operations teams, solidifying our position as an industry leader in sustainability."

"We are very pleased that we entered into an agreement with LYB, securing the future of the company," says Steve Döring, CEO of APK AG. "With its ambition to be a global leader in circular solutions and technologies, LYB is a perfect strategic fit that allows investments into growth opportunities ensuring that our unique solvent recycling technology can realize its full potential."

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 the majority of mixed plastic waste from the consumer sector. The technology separates the different polymers of hard to recycle, flexible plastic waste materials and produces recycled materials with a high degree of purity suitable for new flexible packaging of, for example, personal care products. The materials produced will be sold under the LYB Circulen portfolio.

In March 2023 LYB revealed its pivotal, new company strategy aiming 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, and as a key element of its new strategy formed a dedicated Circular & 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.

Note: The content of this press release has not been edited by Fibre2Fashion staff.

Fibre2Fashion News Desk (HU)