Wednesday, 10 February 2021
Chemical supplier LyondellBasell and waste management services provider Suez have joined forces and acquired Tivago, a Belgium-based plastics recycling company.
Chemical supplier LyondellBasell and Suez, a French multinational waste management services provider, have joined forces and acquired Tivago, a Belgium-based plastics recycling company. The amount for the acquirement was not disclosed.
The company will now join the Quality Circular Polymers, which stands for the companies’ existing 50/50 plastics recycling joint business.
Tivago company has a facility that operates five production lines that are now capable of processing about 22,000 tons of recycled plastic annually.
Thanks to its acquirement, QCP will see an increase in its production capacity for recycled materials of nearly 55,000 tons every year.
The latest investment in QCP was made to support LyondellBasell’s initiative to create and sell two million tons of recycled and renewable source-based polymers every year by 2030. LyondellBasell’s officials have explained that the joint acquisition with Suez will give the two partners different strengths.
More precisely, Suez will be responsible for supplying the right technology for sorting and recycling the plastic recovered at QCP, while LyondellBasell will supply the knowledge related to product development.
LyondellBasell and Suez join hands in acquiring plastics recycling company in Belgium