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.
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.
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.
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.