LyondellBasell Acquires 25% Of Cyclyx Joint Venture, Joining Agilyx And Exxonmobil To Accelerate Plastic Waste Recycling; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
LyondellBasell has acquired a 25% stake in Cyclyx International, a joint venture between Agilyx and ExxonMobil, aimed at accelerating plastic waste recycling. The collaboration will help create robust supply chains for circular and renewable feedstocks. Cyclyx is also expanding its business model to include a build, own, and operate option for its Circularity Centers, which will help control the quality of custom-blended feedstocks and accelerate the collection of post-use plastics.
October 26, 2023 | 2:48 pm
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LyondellBasell's acquisition of a 25% stake in Cyclyx could enhance its sustainability profile and potentially open up new revenue streams in the recycling sector.
LyondellBasell's acquisition of a stake in Cyclyx aligns with its sustainability goals and could potentially provide new revenue streams from the recycling sector. The move could also enhance its reputation among environmentally conscious investors.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
ExxonMobil, as a partner in the Cyclyx joint venture, could benefit from LyondellBasell's investment and the expansion of Cyclyx's business model.
As a partner in the Cyclyx joint venture, ExxonMobil could see benefits from LyondellBasell's investment and the expansion of Cyclyx's business model. This could potentially enhance ExxonMobil's sustainability profile and provide additional revenue streams.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 75