LyondellBasell Joins Cyclyx as Founding Member
PORTSMOUTH, New Hampshire, USA, August 12, 2021 – Cyclyx International, a consortium-based feedstock management company with a mission to increase the recycling rate of plastic from 10% to 90%, has announced that LyondellBasell has joined Cyclyx as a founding member. LyondellBasell, one of the world’s largest producers of plastics and chemicals, is a leader in the effort to help advance the circular economy and has pledged to produce and market two million metric tons of recycled and renewable-based polymers annually by 2030.
As a founding member of the consortium, LyondellBasell will join the collaborative efforts of a growing list of companies that are working to foster a more sustainable future for plastics. The company has consistently demonstrated their commitment in this area, leveraging their scale and reach to make a positive impact across the value chain. With multiple investments in recycling technologies and collaborations focused on advancing recycling infrastructure and end markets for recycled products, LyondellBasell’s membership brings valuable knowledge and experience to Cyclyx. In addition, Ganesh Nagarajan, associate director, polymers business development and projects at LyondellBasell will bring his expertise to the executive advisory board.
“As a founding member of Cyclyx, increasing the recycling rate of plastic waste is incredibly important to our sustainability journey,”said Ken Lane, LyondellBasell executive vice president Global Olefins and Polyolefins. “LyondellBasell recognizes the challenges plastic waste brings, and we aim to be a part of the solution through our involvement with Cyclyx, which can help us and our industry achieve our recycling ambitions.”
“We’re very happy to have LyondellBasell join Cyclyx and to welcome Dr. Nagarajan to the executive advisory board,” stated Joe Vaillancourt, CEO of Cyclyx. “Their leadership in advancing the circular economy and experience in utilizing renewable feedstock makes them a valuable participant in our mission to drive plastic recycling rates from 10%-90%.”
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About Cyclyx International, LLC.
Cyclyx International, LLC. (“Cyclyx”) is a post-use plastic feedstock management company working with industry participants to develop innovative recycling solutions for all types of post-use plastics. The company’s mission is to help increase the recycling rate of plastics from 10% to 90% by using Cyclyx’s expertise in understanding the chemical composition of post-use plastic in collaboration with industry partners to create a new, innovative supply chain. Cyclyx was founded by Agilyx Corporation ("Agilyx"), a leader in advanced chemical recycling, together with ExxonMobil Chemical Company, one of the largest chemical companies in the world. Cyclyx has been formed to be a consortium-based entity and since its founding there have been a growing number of companies joining its membership. For more information, visit us at www.cyclyx.com.
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polypropylene compounds and the largest licensor of polyolefin technologies. In 2021, LyondellBasell was named to FORTUNE Magazine's list of the "World's Most Admired Companies" for the fourth consecutive year. More information about LyondellBasell can be found at www.lyondellbasell.com.