KUALA LUMPUR, May 4 (Bernama) -- LyondellBasell (LYB) announced it has completed the sale of select European olefins and polyolefins assets, and the associated business and corporate functions, to AEQUITA, marking a key milestone in its strategic review of operations in the region.
The transaction follows completion of required employee information and consultation processes and the fulfilment of regulatory and closing conditions, the company said in a statement.
LYB chief executive officer, Peter Vanacker said the sale supports the company’s strategy to focus on businesses with stronger long-term returns and enhance capital allocation flexibility.
Meanwhile, AEQUITA Founder and Chairman, Dr Axel Geuer said the deal marks a step toward building a scaled and competitive European polymers platform.
The assets sold in the transaction are located in Berre (France), Münchsmünster (Germany), Carrington (United Kingdom), and Tarragona (Spain). LYB will continue to operate its Advanced Polymer Solutions business in Tarragona.
Following the transaction, the divested business will operate under the name Velogy, according to LYB in a statement.
LYB added it will continue to operate its remaining assets and serve customers and partners, maintaining its focus on safety, reliability and innovation.
Citi and J.P. Morgan Securities LLC acted as financial advisors, and Linklaters LLP acted as legal counsel to LYB.
-- BERNAMA
