SEATTLE (Scrap Monster): The leading global chemical company LyondellBasell announced that it has completed acquisition of mechanical recycling assets in California, U.S. from PreZero.
The strategic deal comprises of leasing of a processing facility in Jurupa Valley, which is estimated to have a production capacity of approximately 50 million pounds of recycled materials per year. The newly acquired mechanical recycling plant, which will process plastic waste feedstock to produce post-consumer recycled (PCR) resins, is expected to become operational by 2025.
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The acquisition deal is in line with the company’s commitment to promote a plastics circular economy, thus contributing towards elimination of plastic waste. The investment complements LyondellBasell’s recent equity stake in the Cyclyx joint venture and the investment in the Cyclyx Circularity Centre in Houston, US. These investment will not only position the company as a leading player in the U.S recycled products market, but will also help to make it a forerunner in sustainable practices within the industry.
By promoting manufacture of post-consumer recycled resins, the company aims to address the rising consumer and industry demand for sustainable alternatives.