|Traded as||NYSE: LYB
S&P 500 Component
Lyondell Chemical Company
|Headquarters||Houston, Texas, The United States|
|Key people||Jim Gallogly, Chief Executive Officer|
LyondellBasell Industries (NYSE: LYB) is an American public multinational chemical company based in Houston, Texas, The United States. 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's United States operations filed for Chapter 11 bankruptcy protection in January 2009 and emerged from bankruptcy in April 2010.
Lyondell Chemical Company
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 operates in five continents employing over 11,000 people. 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 in December 2007, creating the new company LyondellBasell Industries AF S.C.A. It was 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. 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. The offer was rejected.
Faced with debt estimated at $26 billion and unable to reschedule payments to its creditor banks, the company filed for Chapter 11 protection in January 2009. The debt was nearly 13 times the company's operating earnings. Though the company emerged from bankruptcy in 2010, the Lyondell buyout remains a source of controversy, with litigation before Judge Robert Gerber alleging the deal was fraudulent. As of April 2013, motions to dismiss that lawsuit remain pending despite having been filed more than 18 months prior.
In January 2011, LyondellBasell mothballed its Berre, France, refinery, which employs 370 workers, due to poor European margins. The closure dented profit at the company's refining and oxyfuels unit, which makes gasoline and other products.
Apollo Global Management LLC (APO.N) owns nearly one-third of LyondellBasell. The private equity firm invested $1.5 billion in the company when it restructured in 2010.
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.
- Chief Executive Officer: Jim Gallogly, 2010 compensation - $77 million
- Chief Financial Officer: Karyn Ovelmen
- Chief Legal Officer: Craig Glidden
North American facilities
- Lake Charles
- Cincinnati - Technology Center - polyolefins
- Fairport Harbor
- Bayport - Choate Plant and Underwood Plants
- Chocolate Bayou
- Houston - Regional Headquarters, Houston Refining
- Channelview - manufacturing, Houston Technology Center - chemicals
- Corpus Christi
- La Porte
- Mont Belvieu
- Grand Prairie
- Hong Kong - Regional Headquarters
- Basell Polyolefins India Pvt. Ltd.
- Clyde, NSW - copolymer PP Plant
- Geelong, Victoria - homopolymer PP plant, analytical laboratory
- Melbourne, Victoria - regional office
- "LyondellBasell Industries N.V. 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 20, 2014.
- "LyondellBasell Industries N.V. 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 29, 2014.
- "Fraudulent Conveyance Analysis in Lyondell Bankruptcy". Retrieved 2 May 2013.
- "Lyondell Lawsuit Casts a Pall Over LBOs". WSJ Deal Journal. 3 May 2011. Retrieved 2 May 2013.
- "LyondellBasell revenue misses, profit drops". Reuters. 30 April 2012.
- "News Release". LyondellBasell. Retrieved 18 October 2011.
 Retrieved on 2o June 2012