LyondellBasell European Restructuring to Include HDPE Unit in Germany

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May 15, 2013, 02:30 ET

ROTTERDAM, Netherlands, May 15, 2013 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced that it will shut down a high density polyethylene (HDPE) unit in Wesseling, Germany in the third quarter of 2013. The 100 KT per year unit is among the smallest and least efficient of the LyondellBasell HDPE units in Europe. The company has sufficient HDPE capacity to meet customer needs from its larger scale facilities.

"LyondellBasell continues to take definitive steps to reorganize our operations in Europe to increase efficiency, reduce costs and improve the competitiveness of our businesses," said Bob Patel, Senior Vice President, Olefins & Polyolefins, Europe, Asia and International. "The closure of under-competitive assets, along with the restructuring and efficiency-improvement initiatives in our business areas, manufacturing and R&D, will better position LyondellBasell to compete in today's economic environment."

LyondellBasell is the largest producer of both polyethylene and polypropylene in Europe. The company has shuttered about 2.5 billion pounds of capacity in Europe in recent years and reduced headcount in business areas by 30 percent.

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500. LyondellBasell (www.lyondellbasell.com) manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.

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SOURCE LyondellBasell Industries