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LyondellBasell to Acquire PP Compounding Business of Zylog Plastalloys; Terms Not Disclosed

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LyondellBasell (NYSE: LYB) today announced that it has entered into a definitive agreement to acquire the polypropylene (PP) compounding assets of Zylog Plastalloys Pvt. Ltd. (Zylog) of India.

Upon completion of the acquisition, LyondellBasell will double its automotive customer base in India and become the third largest producer of PP compounds in the country with an annual capacity of 44,000 metric tons (97 million pounds). 

Earlier this year, LyondellBasell acquired SJS Plastiblends Pvt. Ltd. (SJS), a manufacturer of PP compounds located in Aurangabad, Maharashtra, India. The Zylog acquisition includes manufacturing sites in Sinnar, Maharashtra, and in Chennai, Tamil Nadu.  

"We are very optimistic about India's economic growth and rapidly expanding automotive market," said Bhavesh (Bob) Patel, CEO and chairman of the management board of LyondellBasell. "The acquisition of SJS and Zylog are part of our plan to strategically expand our footprint where it makes sense from an economic and strategic perspective. With these investments, LyondellBasell will be a leading producer of PP compounds in all major automotive growth regions of the world," he

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Posted-In: M&A News Asset Sales Press Releases

 

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