Chemical company LyondellBasell has entered into agreement to acquire the remaining stake in Quality Circular Polymers (QCP), its plastic recycling joint venture (JV) with Veolia Belgium.

As part of the agreement, LyondellBasell will buy Veolia Belgium’s 50% share to become the sole owner of QCP.

The acquisition is in line with LyondellBasell’s strategy to create a profitable circular and low carbon solutions business, to meet the rising demand for sustainable products and solutions.

LyondellBasell Circular & Low Carbon Solutions executive vice president Yvonne van der Laan said: “The demand for circular solutions continues to grow, and LyondellBasell is committed to creating solutions for everyday sustainable living.

“Full ownership of QCP supports our goal to produce and market at least two million metric tons of recycled and renewable-based polymers. We thank Veolia for their collaboration over the past five years and look forward to continuing to work with them as a feedstock supplier.”

QCP operates recycling facilities in Belgium and the Netherlands, which produce special blends from household plastic waste.

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Recycled materials from these facilities are used for manufacturing bottles, caps, closures and other items.

For Veolia, the divestment is in line with its strategy to strengthen presence in Europe and globally.

Veolia Solid Waste Recycling & Recovery senior vice president Eric Troudoux said: “The divestment of our participation in the QCP is in line with this strategy as it will allow us to internalise additional volumes in our plastics recycling plants in Europe.

“We will continue cooperation with LyondellBasell, notably by remaining a QCP feedstock supplier for several years.”

Following the acquisition, LyondellBasell will continue to sell QCP polymers under the CirculenRecover brand.