LyondellBasell Industries NV LYB disclosed a deal to sell its Ethylene Oxide & Derivatives (EO&D) business and the Bayport, Texas production facility to INEOS Oxide for $700 million.
The transaction is expected to close in Q2 2024 following the completion of the planned maintenance at the facility, subject to regulatory and other customary closing conditions.
Peter Vanacker, CEO, said, "Successful execution of this strategic pillar involves making difficult decisions to divest businesses which are not part of our core. We remain proud of the positive cash generation, access to advantaged feedstocks, reliability and highly skilled team that makes up the EO&D business and are excited to have reached an agreement with INEOS to enable the business to continue generating value under different ownership."
Last month, LYB said it plans to build the company's first industrial-scale catalytic advanced recycling demonstration plant at its Wesseling, Germany, site.
As of September 30, 2023, cash and liquid investments stood at $2.84 billion.
Price Action: LYB shares traded higher by 1.57% at $93.63 on the last check Friday.
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