LyondellBasell

From Infogalactic: the planetary knowledge core
Jump to: navigation, search

Lua error in Module:Infobox at line 314: malformed pattern (missing ']').

File:1HoustonCenter.JPG
LyondellBasell Tower (formerly One Houston Center) has the Houston offices of LyondellBasell and formerly served as the headquarters of Lyondell Chemical Company
The Houston Center complex

LyondellBasell Industries N.V. (NYSE: LYB) is a public multinational chemical company with American and European roots, incorporated in the Netherlands, with U.S. operations headquarters based in Houston, Texas, and global operations in London, UK. It was formed in December 2007 by the acquisition of Lyondell Chemical Company by Basell Polyolefins for $12.7 billion. LyondellBasell was listed on the New York Stock Exchange on October 14, 2010. Lyondell was delisted from the New York Stock Exchange (formerly NYSE: LYO) after the acquisition.

LyondellBasell's United States operations filed for Chapter 11 bankruptcy protection in January 2009 and emerged from bankruptcy in April 2010.

On March 3, 2015 LyondellBasell filed an unfair labor charge with the National Labor Relations Board against the United Steelworkers as a national refinery strike stretched into its fifth week. The company alleged union members have threatened employees returning to work at facilities affected by the strike and have been using abusive language on social media sites.[4]

Lyondell Chemical Company

As of 2013, Lyondell Chemical Company was the third largest independent chemical manufacturer in the United States. Since its establishment in 1985 from facilities belonging to the Atlantic Richfield Company (ARCO), the company grew through stock swaps with Occidental Chemicals and Millennium Chemicals in 1997 which formed Equistar Chemicals of which each entity were partners. Lyondell purchased the outstanding shares from each of its partners to gain total control of Equistar which is a wholly owned subsidiary of Lyondell. In 2004, Lyondell purchased Millennium Chemicals in a stock-swap deal at $2.3 billion. In August, 2006, Lyondell acquired Citgo's interest in the Lyondell-Citgo Refinery for $2.1 billion, and renamed the facility Houston Refining. Lyondell operates on five continents employing over 11,000 people. It is the global leader in propylene oxide production and the largest North American supplier of styrene monomer. Other products include ethylene, ETBE, polyethylene, and polypropylene.

Chemical maker Basell Polyolefins purchased Lyondell in December 2007, creating the new company LyondellBasell Industries AF S.C.A. It was owned by Access Industries, a privately held, U.S.-based industrial group. LyondellBasell is the third largest independent chemical manufacturer in the world and is headquartered in Rotterdam, The Netherlands. Sales in 2008 were $50.7 billion. The company has 60 manufacturing sites in 19 countries and 15,000 employees.[5] In November 2009, Reliance Industries (controlled by Mukesh Ambani) bid $12 billion for LBI. In February 2010, Reliance raised its offer to $14.5 billion.[6] The offer was rejected.

Faced with debt estimated at $26 billion and unable to reschedule payments to its creditor banks, the company filed for Chapter 11 protection in January 2009. The debt was nearly 13 times the company's operating earnings.[7] Though the company emerged from bankruptcy in 2010,[8] the Lyondell buyout remains a source of controversy, with litigation before Judge Robert Gerber alleging the deal was fraudulent. As of April 2013, motions to dismiss that lawsuit remain pending despite having been filed more than 18 months prior.[9][10]

In January 2011, LyondellBasell mothballed its Berre, France, refinery, which employs 370 workers, due to poor European margins. The closure dented profit at the company's refining and oxyfuels unit, which makes gasoline and other products.[11]

Apollo Global Management LLC (APO.N) owns nearly one-third of LyondellBasell. The private equity firm invested $1.5 billion in the company when it restructured in 2010.[11]

Management

North American facilities

Illinois

Iowa

Louisiana

Michigan

New Jersey

Ohio

Texas

Tennessee

Mexico

South American facilities

Brazil

Argentina

European facilities

France

Germany

Netherlands

Italy

Spain

UK

Asian facilities

  • Hong Kong - Regional Headquarters
  • Shanghai
  • Basell Polyolefins India Pvt. Ltd.

Australian Operations

  • Clyde, NSW - copolymer PP Plant
  • Geelong, Victoria - homopolymer PP plant, analytical laboratory
  • Melbourne, Victoria - regional office

References

<templatestyles src="Reflist/styles.css" />

Cite error: Invalid <references> tag; parameter "group" is allowed only.

Use <references />, or <references group="..." />

[3] Retrieved on 2o June 2012

External links

Retrieved from "https://infogalactic.com/w/index.php?title=LyondellBasell&oldid=4584640"