LyondellBasell Acquires Mechanical Recycling Assets And Plans Operations In California; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
LyondellBasell (NYSE:LYB) has acquired mechanical recycling assets in California from PreZero, including a facility with a 50 million pounds per year production capacity. The company plans to operate this facility to produce recycled resins under its CirculenRecover brand, aiming to commence operations in 2025. This move is part of LYB's strategy to enhance its U.S. presence, support the circular economy for plastics, and meet the growing demand for sustainable products.
February 20, 2024 | 1:41 pm
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LyondellBasell's acquisition of recycling assets in California signifies a strategic move to strengthen its U.S. presence and sustainability efforts, with plans to start operations in 2025.
The acquisition of mechanical recycling assets by LyondellBasell is a significant step towards enhancing its sustainability portfolio and meeting the growing demand for recycled products in the U.S. market. This strategic move is likely to positively impact investor perception and LYB's stock price in the short term, as it aligns with global trends towards sustainability and circular economy practices. The commencement of operations in 2025 indicates a long-term commitment to these goals, potentially increasing LYB's competitiveness in the recycled products market.
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