Braskem is divesting from the mechanical recycling joint venture, Upsyde, with Terra Circular, which focused on producing road plates and pallets from post-consumer plastic.

Considering a challenging environment for the petrochemical industry and a prolonged downcycle-exacerbated by high energy costs and reduced economic activity in Europe, Braskem is redirecting all resources toward its core business: the production of chemicals and plastics.

“We remain committed to our sustainability agenda, as demonstrated by our recent investment in expanding biopolymer capacity in Brazil and the development of a new biopolymer plant project in Thailand. We also continue to maintain several active partnerships in both mechanical and chemical recycling, where we serve as off-takers for specialized companies,” the company said.