- LyondellBasell completed sale of select European olefins and polyolefins assets to AEQUITA.
- Divested sites and associated business functions are in Berre (France), Münchsmünster (Germany), Carrington (UK) and Tarragona (Spain).
- LyondellBasell will continue to operate its Advanced Polymer Solutions (APS) unit in Tarragona.
- The divested business will operate under the name Velogy.
Transaction summary
LyondellBasell completed the sale of select European olefins and polyolefins assets and associated business and corporate functions to AEQUITA, following required employee information and consultation processes and satisfaction of customary regulatory and closing conditions.
Sites and operations
The assets sold are located in Berre (France), Münchsmünster (Germany), Carrington (UK) and Tarragona (Spain); LyondellBasell will continue to operate its Advanced Polymer Solutions (APS) business in Tarragona. The divested business will be named and operated as Velogy under AEQUITA ownership.
Strategic rationale
The divestiture supports LyondellBasell’s strategic aim to concentrate on assets and businesses with durable competitive advantages and stronger long-term returns, enhance financial flexibility, and allocate capital toward higher-return opportunities; AEQUITA characterized the deal as a step toward building a scaled European polymers platform.
Advisors and commitments
Citi and J.P. Morgan Securities LLC served as financial advisors and Linklaters LLP as legal counsel to LyondellBasell; the company said it remains committed to operating its remaining assets safely and continuing to serve customers and partners.
