HOUSTON, Feb. 20,
2024 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today
announced it has acquired mechanical recycling assets and
properties containing rigid plastics recycling processing lines
from PreZero, a global recycling leader and waste management
service provider. The transaction includes leasing the processing
facility in Jurupa Valley, Calif., which has a production capacity
of approximately 50 million pounds per year for recycled
materials.
"This acquisition further strengthens our U.S. presence and will
deliver value for our customers and plastic recycling rates in the
West Coast," said Yvonne van der
Laan, LyondellBasell executive vice president, Circular and
Low Carbon Solutions. "We will build upon our existing experience
in plastic recycling in Europe and
deliver a state-of-the-art, mechanical recycling facility to meet
growing demand for recycled products in the U.S."
LYB plans to operate its newly-acquired mechanical recycling
plant in California to manufacture
post-consumer recycled resins using plastic waste feedstock. LYB
will offer these recycled polymers under its CirculenRecover
brand, part of the company's Circulen portfolio of products
that enable the circular economy. LYB expects to commence
operations at its new facility in 2025.
The transaction supports the company's efforts to build a
circular economy for plastic, help end plastic waste in the
environment and meet customers' growing demand for sustainable
products. Together with the previously announced equity stake in
the Cyclyx joint venture and investment in the Cyclyx Circularity
Center in Houston, this latest
California-based transaction will
further enhance the competitiveness of LYB in the U.S. recycled
products market.
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.
Cautionary Note Regarding Forward-looking
Statements
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, receipt of required
regulatory approvals; the successful construction and operation of
the proposed facilities described in this release; and 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. 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, 2022, 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.
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SOURCE LyondellBasell