HOUSTON and LONDON, May 8, 2024
/CNW/ -- LyondellBasell today announced the formal launch of a
strategic review of the European assets of its Olefins &
Polyolefins and Intermediates & Derivatives business units. The
assessment will evaluate the assets through the lens of the
company's strategy to Grow & Upgrade the Core, Build a
Profitable Circular and Low Carbon Solutions Business, and Step Up
Performance & Culture.
"At the 2023 Capital Markets Day, we stated our intent to
concentrate our portfolio around businesses with long-lasting
competitive advantage and to reinvest around those advantaged areas
generating superior returns at meaningful scale," said
Peter Vanacker, LyondellBasell chief
executive officer. "These criteria have not changed."
The company's investments in a commercial-scale MoReTec
plant, LyondellBasell's proprietary technology to convert
plastic waste into liquid raw materials, and the development of a
circularity hub in the Cologne,
Germany region will continue as planned. LyondellBasell will
also continue to invest and leverage its differential
technology position as a key enabler to grow and upgrade the core
asset base.
"The company will prioritize its investments to align operations
with our circularity and net zero ambitions," Vanacker added. "We
understand that strategic assessments can create uncertainty for
our employees and customers, but we are committed to operate our
assets safely and reliably throughout this process."
Media Inquiries
LyondellBasell Media Relations
Phone: +1 713 309 4791
Email: mediarelations@lyondellbasell.com
Or:
Robert Kleissen, External Affairs
Europe
Phone: +31 6 273 573 98
Email: robert.kleissen@lyondellbasell.com
About LyondellBasell
We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical
industry creating solutions for everyday sustainable living.
Through advanced technology and focused investments, we are
enabling a circular and low carbon economy. Across all we do, we
aim to unlock value for our customers, investors and society. As
one of the world's largest producers of polymers and a leader in
polyolefin technologies, we develop, manufacture and market
high-quality and innovative products for applications ranging from
sustainable transportation and food safety to clean water and
quality healthcare. For more information, please visit
www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
FORWARD-LOOKING STATEMENT
The statements in this release relating to matters that are not
historical facts are forward-looking statements. These
forward-looking statements are based upon assumptions of management
of LyondellBasell which are believed to be reasonable at the time
made and are subject to significant risks and uncertainties. Actual
results could differ materially based on factors including, but not
limited to, market conditions, our ability to successfully
implement initiatives identified pursuant to our Value Enhancement
Program and generate anticipated earnings; our ability to meet our
sustainability goals, including the ability to increase production
of recycled and renewable-based polymers to meet our targets and
forecasts, and reduce our emissions and achieve net zero emissions
by the time set in our goals; the successful construction and
operation of any proposed facilities described; competitive product
and pricing pressures; our ability to identify, evaluate and
complete any strategic alternative related to the European assets.
Additional factors that could cause results to differ materially
from those described in the forward-looking statements can be found
in the "Risk Factors" section of our Form 10-K for the year ended
December 31, 2023, which can be found
at www.LyondellBasell.com on the Investor Relations page and on the
Securities and Exchange Commission's website at www.sec.gov. There
is no assurance that any of the actions, events or results of the
forward-looking statements will occur, or if any of them do, what
impact they will have on our results of operations or financial
condition. Forward-looking statements speak only as of the date
they were made and are based on the estimates and opinions of
management of LyondellBasell at the time the statements are made.
LyondellBasell does not assume any obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change, except as required by law.
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SOURCE LyondellBasell