LyondellBasell Industries to be New Company Name
Wednesday October 31, 2:27 pm ET
HOOFDDORP, The Netherlands, and HOUSTON, Oct. 31 /PRNewswire-FirstCall/ -- Basell and Lyondell Chemical Company jointly announced today their plans for naming the company which will result from their planned merger. Following completion of the merger transaction, the newly combined company will be named LyondellBasell Industries.
Lyondell announced Sept. 25 that a special meeting of its shareholders has been scheduled for Tuesday, Nov. 20 to vote on the proposal to adopt the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell.
"The new name will keep two well respected names in the forefront of the polyolefins, chemicals and refining industries," said Volker Trautz, Chief Executive Officer of Basell.
"We are positioning our expanded company for a bold future, while at the same time retaining important links to the past that are valued by our customers, our employees, our partners, investors and the communities in which we operate," said Dan F. Smith, Chairman, President and Chief Executive Officer of Lyondell.
Both companies said that the LyondellBasell brand will be rolled out after the closure of the transaction, which is expected to take place in the fourth quarter 2007.
Basell is the global leader in polyolefin technology, production and marketing. It is the largest producer of polypropylene and advanced polyolefin products; a leading supplier of polyethylene and catalysts, and the industry leader in licensing polypropylene and polyethylene processes, including providing technical services for its proprietary technologies. Basell, together with its joint ventures, has manufacturing facilities in 19 countries and sells products in more than 120 countries. Basell is privately owned by Access Industries.
Lyondell Chemical Company, headquartered in Houston, Texas, is North America's third-largest independent, publicly traded chemical company. Lyondell is a leading global manufacturer of chemicals and plastics, a refiner of heavy, high-sulfur crude oil and a significant producer of fuel products. Key products include ethylene, polyethylene, styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE and ETBE.
Source: Access Industries; Basell; Lyondell Chemical Company
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