With full ownership of QCP, which it founded together with Veolia in 2016, LyondellBasell said it will be able to accelerate its strategy to build a profitable circular and low carbon solutions business to meet customer demand for more sustainable products and solutions.

The Dutch-owned, US-managed commodity plastics maker said it is well-positioned to continue working with its customers to supply the products and solutions needed.

"Demand for circular solutions continues to grow, and LyondellBasell is committed to creating solutions for everyday sustainable living," said Yvonne van der Laan, executive vice president, Circular & Low Carbon Solutions. With ownership of QCP, she said the multinational group expects to be able to produce and market at least 2 million t/y of recycled and renewable-based polymers.

The QCP mechanical recycling facilities produce special blends, using household plastic waste to make products such as bottles, buckets, caps and closures as well as strollers and suitcases. LyondellBasell said it will continue to market QCP polymers under its CirculenRecover brand, leveraging the former joint venture as its growth platform to enable circular solutions.

Eric Troudoux, senior vice president Solid Waste Recycling & Recovery at Veolia, said the divestment of the company’s participation in the QCP joint venture is in line with its strategy to grow its presence across the entire value chain in Europe and worldwide.

While continuing to cooperate with LyondellBasell, notably by remaining a QCP feedstock supplier for several years, Troudoux said the share divestment will allow Veolia to process additional waste volumes in in its European plastics recycling plants.

Author: Dede Williams, Freelance Journalist