Expands Company's Technology Portfolio and Circular Hub
- Acquisition increases LYB Circular and Low Carbon
Solutions Business and diversification of innovative recycling
technologies
- Transaction encompasses existing assets and planned growth
projects
ROTTERDAM, Netherlands,
Aug. 22, 2024 /PRNewswire/ --
LyondellBasell (LYB) today 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.
About LyondellBasell
We are LyondellBasell (NYSE: LYB) ― a leader in the global
chemical industry creating solutions for everyday sustainable
living. Through advanced technology and focused investments, we are
enabling a circular and low carbon economy. Across all we do, we
aim to unlock value for our customers, investors and society. As
one of the world's largest producers of polymers and a leader in
polyolefin technologies, we develop, manufacture and market
high-quality and innovative products for applications ranging from
sustainable transportation and food safety to clean water and
quality healthcare. For more information, please visit
www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
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 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.com on 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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