A consortium led by the investment fund Closed Loop Partners has acquired a majority stake in Sims Municipal Recycling for $45 million. Sims operates material recovery facilities in New York, New Jersey, and Florida that handle more than 600,000 metric tons of waste per year. It has the New York City residential recycling contract, the largest of its kind in North America. Investors include Dow, LyondellBasell Industries, Nova Chemicals, Sealed Air, and SK Geo Centric. These chemical firms say they hope to improve plastics recycling infrastructure with the investment.