LyondellBasell announces decision to acquire Mepol Group
LyondellBasell (NYSE: LYB) and Mepol Group today announced they have entered into a definitive agreement for LyondellBasell to acquire Mepol Group, a manufacturer of recycled, high-performing technical compounds located in Italy and Poland, consisting of Mepol S.r.l. and its subsidiaries Polar S.r.l. and Industrial Technology Investments Poland Sp.z.o.o.
"This acquisition demonstrates LyondellBasell's commitment to move the circular economy forward," said Torkel Rhenman, executive vice president of Advanced Polymer Solutions. "With Mepol Group's expertise in sustainable compounds and LyondellBasell's scale, we will enhance our CirculenRecover and other sustainable solutions for our customers."
Mirco Melato, CEO of Mepol commented, "We are delighted to join forces with LyondellBasell, an industry leader we have admired for many years. LyondellBasell shares our commitment towards sustainability and with its scale and resources, the combined business will be better positioned to address customer needs."
LyondellBasell continues to pioneer circular and low carbon solutions for its customers. The company began engineering work for a new advanced recycling plant at its Wesseling, Germany site in November last year. LyondellBasell has existing mechanical recycling facilities in the Netherlands and Belgium and is developing new plastic waste sorting and recycling plants in Houston, Germany, China and India, which was announced during the fourth quarter of 2022.
The transaction closing is subject to regulatory approval and other customary closing conditions. During this period, Mepol Group will continue to operate on a standalone basis. Jones Day and Wardynski & Partners served as LyondellBasell's legal advisor on the transaction. Special Affairs S.r.l. served as Mepol Group's financial advisor and Gitti & Partners is acting as its legal advisor.