Multinational chemical company LyondellBasell has announced the acquisition of a 50% stake in De Paauw Sustainable Resources’ (DPSR) holding company Rodepa Vastgoed.

LyondellBasell said it has acquired its 50% share from DPSR CEO Roy de Paauw and ING Corporate Investments, which is the investment branch of the Dutch banking and financial services company ING Group.

ING Corporate Investments investment director Mathijs Henzen said: “Our investment in DPSR always fitted perfectly in the sustainable ambitions of ING and over the past years, ING Corporate Investments has been able to work together with DPSR’s management team in further professionalising the organisation, expanding its production platform and preparing the company to realise future sustainable growth.”

DPSR is a plastic waste recycling company, with expertise in sourcing, processing, and trading post-consumer and post-industrial plastic packaging waste.

It currently owns and operates two production facilities in Hengelo and Enschede, both in the Netherlands.

The annual production capacity of these facilities is said to be equivalent to the overall amount of plastic waste generated by more than 1.7 million people in the Netherlands every year.

LyondellBasell circular and low carbon solutions executive vice-president Yvonne van der Laan said: “Investing in DPSR aligns with our strategy to increase our access to plastic waste feedstock, which supports our integrated hub strategy that allows us to build scale and expand our production and offering of CirculenRecover products.

“Through this collaboration, we can further expand our CirculenRecover portfolio of mechanically recycled polymers, creating solutions for our customers.”

DPSR, which was founded in 1956, is claimed to have an extensive network of plastic waste sources.

The Dutch plastic recycling company processes its collected plastic waste into recycled polypropylene and low-density polyethylene materials.

De Paauw said: “With a great team of driven employees, we have steadily built our business over the years by responsibly and carefully finding new use for used plastics.

“I am proud that LyondellBasell is participating in our company and that we are now joining forces to recycle even more plastic waste into high-quality raw material.”