LyondellBasell Industries announced it acquired a minority stake in Source One, a German plastic waste sourcing and engineering company. It did not disclose the percentage of shares it acquired, nor the terms of the deal.
Source One is the parent company of Source One Plastics, a joint venture between LyondellBasell and 23 Oaks Investment, formed in October 2022. Source One Plastics will provide feedstock for LyondellBasell’s first industrial-scale chemical recycling plant in Germany, which is expected to have an annual capacity of 50,000 metric tons and start operations at the end of 2025.
23 Oaks Investment will hold 50 percent of the shares in Source One. German waste management service provider Landbell, which operates a comprehensive network of Extended Producer Responsibility (EPR) and take-back organizations worldwide, is also a minority shareholder in Source One.
The acquisition will provide LyondellBasell access to Source One’s engineering and plastic waste sourcing services, the company said in a statement. It will also ‘establish a relationship’ with Landbell to provide feedstock for LyondellBasell’s chemical recycling operations in Germany.
“Processing plastic waste volumes from EPR Service Providers such as Landbell reinforces the commitment by LYB to support brand owners to close the loop for plastic packaging,” LyondellBasell said in a statement.