| Type | Public |
|---|---|
| Traded as | NYSE: LYB |
| Industry | Manufacturing |
| Predecessor | Basell Polyolefins Lyondell Chemical Company |
| Founded | 2007 |
| Headquarters | Rotterdam, Netherlands |
| Key people | Jim Gallogly, Chief Executive Officer |
| Products | Chemicals, Polymers |
| Revenue | US$41.2 Billion (2010) |
| Employees | 14,000 (2010) |
| Website | www.lyondellbasell.com |
LyondellBasell Industries (NYSE: LYB) is a public multinational chemical company based in Rotterdam, Netherlands. It was formed in December 2007 by the acquisition of Lyondell Chemical Company by Basell Polyolefins for $12.7 billion. LyondellBasell was listed on the New York Stock Exchange on October 14, 2010 (NYSE: LYB and NYSE: LYB.B). Lyondell was delisted from the New York Stock Exchange (formerly NYSE: LYO) after the acquisition. LyondellBasell is headquartered in Rotterdam, Netherlands, and has its corporate center at 1 Houston Center in Houston, Texas.[1]
LyondellBasell's United States operations filed for Chapter 11 bankruptcy protection in January 2009 and emerged from bankruptcy in April 2010. The existing European senior management was then systematically replaced with U.S. management, triggering a profound change in company culture. Decision-making was moved to Houston and a sustained exodus of experienced European managers began. This cost-cutting measure carries the danger of weakening operations in Europe, where the predecessor company Basell had always been a leader, and risks transferring expertise to competitors. Chemical competitors around the globe have benefited from LBI's move, recruiting high-calibre staff into many senior positions.
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Lyondell Chemical Company was (as of 2007[update]) the third largest independent chemical manufacturer in the United States. Since its establishment in 1985 from facilities belonging to the Atlantic Richfield Company (ARCO), the company grew through stock swaps with Occidental Chemicals and Millennium Chemicals in 1997 which formed Equistar Chemicals of which each entity were partners. Lyondell purchased the outstanding shares from each of its partners to gain total control of Equistar which is a wholly owned subsidiary of Lyondell. In 2004, Lyondell purchased Millennium Chemicals in a stock-swap deal at $2.3 billion. In August, 2006, Lyondell acquired Citgo's interest in the Lyondell-Citgo Refinery for $2.1 billion, and renamed the facility Houston Refining. Lyondell operated in five continents employing over 11,000 people. Lyondell became LBI in 2007 when it was purchased by Basell Polyolefins. It is the global leader in propylene oxide production and the largest North American supplier of styrene monomer. Other products include ethylene, ETBE, polyethylene, and polypropylene.
Chemical maker Basell Polyolefins purchased Lyondell on Thursday, 20 December 2007, creating the new company LyondellBasell Industries AF S.C.A. Basell Polyolefins is owned by Access Industries, a privately held, U.S.-based industrial group. LyondellBasell is the third largest independent chemical manufacturer in the world and is headquartered in Rotterdam, The Netherlands. Sales in 2008 were $50.7 billion. The company has 60 manufacturing sites in 19 countries and 15,000 employees.[2] In November 2009, Reliance Industries (controlled by Mukesh Ambani) bid $12 billion for LBI. In February 2010, Reliance raised its offer to $14.5 billion.[3] The offer was rejected.
Throughout the year, LBI provides dedicated training sessions to all its Engineering staff ranging from interns to senior engineers. LBI has an engineering rotation program to expose engineers to various locations, cultures, and technologies.