LyondellBasell: Sale of olefin/polyolefin plants in Europe completed

Chemical group LyondellBasell (LYB) has completed the sale of several olefin and polyolefin plants in Europe to Munich-based investment company Aequita.

LYB announced the news at the beginning of the month in a press release. The group had already signed a corresponding agreement with Aequita in early June of last year. The assets sold include plants at the Berre site in France, Münchsmünster in Germany, Carrington in the UK and Tarragona in Spain, which together generate annual sales of around EUR 2.5 billion and employ more than 1,700 people. However, the Advanced Polymer Solutions (APS) business unit at the Tarragona site will remain with LYB.

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Completion of the transaction followed the required information and consultation processes with the relevant employee representatives as well as the fulfilment of customary regulatory conditions. No information on the financial volume or further details of the deal was provided in the latest announcement either. Under Aequita’s ownership, the acquired assets will now operate under the name Velogy, with the new company headquartered in Rotterdam, the Netherlands.

Axel Geuer, Chairman of Aequita’s Advisory Board, said: “This closing marks an important step in building a strong and competitive European polymer platform in a market with solid fundamentals and attractive long-term value creation potential. We thank LyondellBasell for the constructive cooperation throughout the process and look forward to working with Velogy’s employees to take the next step in further strengthening the company’s performance for the benefit of customers and suppliers.”

For LYB, according to CEO Peter Vanacker, the sale of the assets represents a further optimisation of the portfolio, allowing the company to invest more selectively in attractive growth opportunities and create long-term value. Key areas of focus in the European market include specialty polymers and Circular & Low Carbon Solutions.

More information: www.lyondellbasell.com, aequita.com, velogy.com

LyondellBasell, Houston, Texas, USA

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