LyondellBasell believes APK's solvent-based recycling technology is a perfect fit with its already existing mechanical and advanced recycling technologies. Therefore, it already invested in the company in the past and made collaborative efforts on bringing the technology to scale. The acquisition secures the future of APK after it entered into insolvency at the end of May 2024, the company said.

"We see APK's solvent based recycling technology as a vital addition and complementary to our existing and future mechanical and advanced recycling operations. This is an important further step toward reaching our goal to produce and market at least 2 million metric tons of recycled and renewable based polymers annually by 2030," said Yvonne van der Laan, LyondellBasell executive vice president, Circular and Low Carbon Solutions.

"We are very pleased that we entered into an agreement with LYB, securing the future of the company," commented Steve Döring, CEO of APK. "With its ambition to be a global leader in circular solutions and technologies, LYB is a perfect strategic fit that allows investments into growth opportunities ensuring that our unique solvent recycling technology can realize its full potential."

APK’s recycling technology is a unique solvent-based kind for low density polyethylene (LDPE). It separates the different polymers of hard to recycle, flexible plastic waste materials and produces recycled materials with a high degree of purity suitable for new flexible packaging of, for example, personal care products. The materials produced will be sold under LyondellBasell’s Circulen portfolio, the company said.