LyondellBasell Sells Flavors and Fragrances Business to Pinova Holdings, Inc.

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Dec 22, 2010, 06:29 ET

ROTTERDAM, Netherlands, Dec. 22, 2010 /PRNewswire-FirstCall/ -- LyondellBasell (NYSE: LYB) today announced that Pinova Holdings, Inc. has purchased LyondellBasell Flavors & Fragrances, LLC in a transaction which closed today.

"This divestiture is consistent with our objective to focus on developing our core businesses of olefins and polyolefins, intermediates and derivatives, and refining and oxyfuels," said LyondellBasell CEO Jim Gallogly. LyondellBasell said the transaction results in after-tax proceeds of approximately $150 million.

The flavors and fragrances business has manufacturing facilities at Jacksonville, Fla., and Brunswick, Ga., and approximately 200 employees. It produces terpene-based fragrance ingredients and flavor ingredients for the oral-care, confectionery and beverage market. Pinova Holdings said the newly acquired business will operate under the name Renessenz LLC.

Pinova Holdings is the parent company to Pinova, Inc., a global supplier of wood and gum rosin and polyterpene resin specialty chemicals derived from natural and renewable raw materials based in Brunswick, Ga.

About LyondellBasell

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 59 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 components, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.