01:27 PM EDT, 04/29/2024 (MT Newswires) -- LyondellBasell Industries ( LYB ) said Monday it will build an integrated plastic waste recycling hub near an industrial park in Knapsack, Germany.

The firm said it has signed a land lease agreement for the project to be developed in phases, with initial sorting facility expected to start operations in Q1 of 2026. It plans to produce at least 2 million metric tons of recycled polymers annually by 2030.

Financial details weren't disclosed.

Price: 101.21, Change: -0.92, Percent Change: -0.90