"This acquisition further strengthens our US presence and will deliver value for our customers and plastic recycling rates in the West Coast," said Yvonne van der Laan, executive vice president, Circular and Low Carbon Solutions at LyondellBasell. "We will build upon our existing experience in plastic recycling in Europe and deliver a state-of-the-art, mechanical recycling facility to meet growing demand for recycled products in the US."

According to LYB, the company plans to operate its newly-acquired mechanical recycling plant in California to manufacture post-consumer recycled resins using plastic waste feedstock. The recycled polymers will be offered under the CirculenRecover brand, part of the company's Circulen portfolio of products that support a circular economy. LYB expects to commence operations at its new facility in 2025.

The transaction, for which no financial details were disclosed, supports the company's efforts to build a circular economy for plastic, help end plastic waste in the environment and meet customers' growing demand for sustainable products, LYB said.

In October 2023, LYB had already acquired a 25% stake in Cyclyx International, a joint venture between Agilyx and ExxonMobil, is working with industry participants to develop innovative recycling solutions for all types of post-use plastics.