LyondellBasell to invest in plastics recycling company
QCP will reportedly have the capacity to convert waste material into 35,000 tons/year of PP and HDPE at its Sittard-Geleen facility in the Netherlands as of 2018. The company also aims to boost its capacity to 50,000 tons/year before 2020.
Accordingly, LyondellBasell is expected to market the plastics and SUEZ will provide plastic waste for the plant. This also marks the first time that a major plastics and chemicals company is partnering with a resource management company, the media reported.
The French company reportedly owns 9 facilities, which are capable of converting 400,000 tons/year plastic waste into 150,000 tons/year new plastics.
The companies did not disclose the financial details regarding the transaction at the time of publication.
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