Mepol Group and its subsidiaries, Polar and Industrial Technology Investments Poland, will join LyondellBasell’s advanced polymer solutions (APS) business unit.

Mepol is a manufacturer of recycled, high-performing technical compounds with a focus on eco-sustainable products for applications in sectors such as furniture, automotive and electronics.

The APS segment the company is joining produces and markets compounding solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colours and powders.

Through the acquisition, LyondellBasell aims to strengthen its production of at least 2mn metric tons of polymers from recycled or renewable sources annually by 2030.

LyondellBasell executive vice-president of advanced polymer solutions Torkel Rhenman commented: “With Mepol’s expertise in recycled compounds and LyondellBasell’s strategy and scale, we see opportunities to accelerate the growth of our APS business by leveraging macro trends in circularity and creating solutions for everyday sustainable living.”

Jones Day and Wardynski & Partners served as LyondellBasell’s legal advisors on the transaction. Special Affairs served as Mepol Group’s financial advisor while Gitti & Partners acted as its legal advisor.

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In May, LyondellBasell acquired the remaining stake in its plastic recycling joint venture Quality Circular Polymers with Veolia Belgium.

Renewable chemicals are seeing a surge in global production through the demand for products such as fragrances, processed food and cosmetics. According to GlobalData, the renewable chemicals market had total revenues of $272.2bn in 2022.