The chemicals group LyondellBasell (LYB) has acquired a 25 percent stake in the US plastics recycling company Cyclyx International.
LYB and Cyclyx announced this at the end of October without going into the financial volume or further details of the transaction. To date, the technology company Agilyx and the oil and petrochemicals group ExxonMobil have held stakes in Cyclyx.
Yvonne van der Laan, Executive Vice President Circular and Low Carbon Solutions at LYB: "Jointly investing with Agilyx and ExxonMobil in a company like Cyclyx that specialises in the plastic waste value chain will help create the robust supply chains we need to improve access to circular and renewable raw materials. This collaboration unlocks the necessary volumes of recycled material and infrastructure for our planned integrated circular economy and low-carbon solutions centre near Houston and aligns with our goal of creating solutions for sustainable living in everyday life."
Cyclyx was founded by Agilyx in December 2020 to accelerate the development and application of new processes for the customised processing of used plastics. As part of a consortium, Cyclyx is working together with numerous companies from the petrochemical and plastics industries, including T.EN, CPChem, Sabic, Dow, Ineos, Americas Styrenics, Braskem and Nova Chemicals.
Together with ExxonMobil and LYB, Cyclyx is planning to develop plants for processing plastic waste for various mechanical and chemical recycling processes. The three companies signed an agreement for the first Cyclyx Circularity Center (CCC) near Houston in the US state of Texas in October last year, according to which around USD 100 million is to be invested in a plant with an annual capacity of 150,000 tonnes.
Cyclyx founder Agilyx is headquartered in the Norwegian capital Oslo, while operations are managed from the US sites in Portsmouth (New Hampshire) and Tigard (Oregon). The company specialises in the development of recycling processes for various plastics.
LyondellBasell, which is listed on the New York Stock Exchange, is one of the world's largest chemical companies and is recognised as a leading producer of polyolefins, among other things. In the first nine months of the 2023 financial year, the Group, which has administrative centres in Houston, London and Rotterdam, generated total sales of USD 31.18 billion, EBITDA of USD 3.87 billion and net profit of USD 1.94 billion.
LyondellBasell, New York, USA
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