The plastics manufacturer intends to conduct a strategic review of its European assets.

LyondellBasell is evaluating the assets of its Olefins & Polyolefins and Intermediates & Derivatives divisions against the backdrop of its corporate strategy, according to a statement. This is aimed at expanding and improving the core business, building a profitable circular and low-carbon solutions business and improving performance and culture, is said. Peter Vanacker, Chief Executive Officer of LyondellBasell, explains: "At the 2023 Capital Markets Day, we stated our intention to focus our portfolio on businesses with long-term competitive advantages and to reinvest in these areas in order to achieve above-average returns on a significant scale. These criteria have not changed."
 
According to LyondellBasell, the company will continue to invest in the construction of a large-scale MoReTec plant in the Cologne area, which will use proprietary technology to convert plastic waste into liquid raw materials. "The company will prioritise its investments to align operations with our circular economy and net zero production goals," Vanacker continued. "We understand that strategic assessments can lead to uncertainty for our employees and customers," he added. However, LyondellBasell was committed to operating its facilities safely and reliably during the transformation process.
 
Sources:

• LyondellBasell press release (8.5.2024)
• Photo: © LyondellBasell