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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.
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.
