LyondellBasell (LYB) has inked an agreement to acquire full ownership of APK AG, a producer of recycled polymers based in Merseburg, Germany.
APK has developed a recycling technology for low density polyethylene (LDPE) based on a unique solvent. The transaction would position LYB to grow and upgrade its circular and low carbon solutions business.
LYB 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. By acquiring APK, LYB secures the future of the company after it entered into insolvency at the end of May 2024.
"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," says Yvonne van der Laan, LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. "We want to build on the excellent progress of APK and fully leverage its expertise of R&D, project engineering and operations teams, solidifying our position as an industry leader in sustainability."
LYB aims to increase the recycling of hard-to-recycle flexible plastic waste materials – which today make up the majority of mixed plastic waste from the consumer sector. The technology 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 the LYB Circulen portfolio.
Closing of the transaction is subject to customary closing conditions.
