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Oct. 11, 2021, 7:52 a.m. EDT

ExxonMobil scales up plastic recycling in Texas

ExxonMobil (NYS:XOM) said Monday it'll build its first large-scale plastic waste recycling facility in Baytown, Texas to go into operation at the end of 2022. The facility will rank among North America's largest plastic waste recycling facilities, with capacity of 30,000 metric tons of plastic waste per year. ExxonMobil Chemical Co. president Karen McKee said the company is scaling up recycling after it set up a smaller, temporary facility that's producing commercial volumes of polymers. The oil giant plans to build about 500,000 metric tons of advanced recycling capacity globally over the next five years including a site in Notre Dame de Gravenchon, France, plus it's assessing sites in the Netherlands, the U.S. Gulf Coast, Canada, and Singapore. It's also set up a joint venture with Agilyx Corp. and Cyclyx International LLC to boost its recycling efforts. Shares of Exxon Mobile are up about 51% this year, compared to a rise of nearly 17% by the S&P 500 (S&P:SPX) .

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