The transaction that includes parent company Mepol and its subsidiaries Polar and Industrial Technology Investments Poland is subject to regulatory approval and other customary closing conditions. In the interim, Mepol Group will continue to operate on a standalone basis.

Torkel Rhenman, LyondellBasell’s executive vice president of Advanced Polymer Solutions said, the deal demonstrates the Netherlands-headquartered, Texas-managed company’s commitment to move the circular economy forward. "With Mepol Group's expertise in sustainable compounds and LyondellBasell's scale, we will enhance our CirculenRecover and other sustainable solutions for our customers," he said.

In a move aimed at finding circular and low carbon solutions for its customers, the olefins and polyolefins heavyweight began engineering work for a new advanced recycling plant at its Wesseling, Germany site in November last year.

The group also has existing mechanical recycling facilities in the Netherlands and Belgium and is developing new plastic waste sorting and recycling plants in Houston, Texas, as well as in Germany, China and India.

Author: Dede Williams, Freelance Journalist