SEATTLE (Recycling Monster): LyondellBasell- a leader in the global chemicals industry announced acquisition of Germany-headquartered recycling technology firm APK AG. The company has already entered into an agreement to acquire full ownership in APK. The financial details of the transaction were not disclosed. The closing of the transaction is subject to customary closing conditions.
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The acquisition will help LyondellBasell to upgrade and thereby ensure further growth of its Circular and Low Carbon Solutions (CLCS) business. The company considers APK’s solvent-based recycling technology as a perfect fit with its existing recycling technologies. The acquisition by LyondellBasell will secure the future of APK, which had entered into insolvency at end-May this year.
Yvonne van der Laan, Executive Vice President for Circular and Low Carbon Solutions at LyondellBasell noted that the acquisition marks an important step forward in helping the company reach the goal to produce and market at least 2 million metric tons of recycled and renewable based polymers per year by the end of the current decade.
In the meantime, Steve Doring, CEO, APK said that the acquisition will ensure that its unique solvent recycling technology is realized to the full potential.
