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LyondellBasell Starts New Molecular Recycling Plant in Italy

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LyondellBasell Industries N.V. (LYB - Free Report) announced that its Ferrara, Italy-based, MoReTec molecular recycling facility has successfully started operations. The company’s proprietary MoReTec advanced recycling technology is expected to convert post-consumer plastic waste to its molecular form and use it as a feedstock for new plastic materials.

LyondellBasell's key sustainability focus areas include the end of plastic waste in the environment and the progress of circular economy. The company’s advanced plastics recycling technology allows it to return higher volumes of plastic waste back into the value chain and produce new materials for high-quality applications. The new plastic materials developed by MoReTec technology can be used in various applications in the food packaging and healthcare items.  

LyondellBasell is leveraging its global technology footprint. The company conducts base research for leading the polymers industry toward advanced plastics recycling. Its research and development teams in the United States, Germany and Italy are working to explore potential commercial-scale applications.

Further, the development of MoReTec technology is part of its commitment of plastics-to-plastics conversion. The technology will complement LyondellBasell's other circular solutions. This will minimize plastic waste and advance the circular economy.

Shares of LyondellBasell have lost 17.7% in the past year against the industry’s 3% rise.

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LyondellBasell currently carries a Zacks Rank #3 (Hold).

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