HOUSTON, Feb. 20, 2024 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced it has acquired mechanical recycling assets 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.
SOURCE LyondellBasell