CYCLYX
LYB takes 25% stake in recycling JV / Reclaim firm to create ‘circularity centres'
US recycling joint venture Cyclyx International (Portsmouth, New Hampshire; https://10to90.com/cyclyx) has announced the sale of a 25% equity stake in the company to compatriot polyolefin producer LyondellBasell (LYB, Houston, Texas; www.lyondellbasell.com).

Financial details of the purchase and the current shareholding structure were not disclosed.

The resin maker joins partners Agilyx and ExxonMobil in the venture, according to Cyclyx. LYB was a founding member of the recycling consortium, which began business in 2021. Previously, Agilyx held 75% of the company, with ExxonMobil controlling the remainder.

The companies have worked with each other in the recycling sector before: last year, Cyclix, ExxonMobil, and LYB announced plans to set up a US plastics waste sorting and processing facility in Houston, Texas.

Cyclyx is planning to expand its business model, which it said could accelerate the collection of post-use plastics (Photo: PantherMedia/DanitaDelimontMicro (Peter Bennett)


Cyclyx also said it plans to expand its business model from a strict licensing model to what it called a “build, own, and operate option for Cyclyx Circularity Centers (CCCs). This business model expansion will enable Cyclyx to control the custody and quality of custom-blended feedstocks from sourcing through delivery. Cyclyx also believes this expanded business model will accelerate the collection of post-use plastics to increase recycling in more communities and businesses nationwide.”

Plasteurope.com contacted Cyclyx about the deal and the expansion plans but failed to receive a response before press time. 

 
31.10.2023 Plasteurope.com [253929-0]
Published on 31.10.2023
Lyondellbasell: Stabiles Ergebnis im dritten QuartalGerman version of this article...

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