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Millennium chemicals inc lyondell bankruptcy

millennium chemicals inc lyondell bankruptcy

May 01,  · HOUSTON - Lyondell Chemical Co. announced an agreement to acquire Millennium Chemicals Inc. in a stock transaction valued at about $1 billion. The deal, if completed, would create the third largest publicly traded chemical manufacturer in North America. Lyondell also will assume $ billion in Millennium debt, the companies said. The acquisition also consolidated ownership under Lyondell of Equistar Chemicals, which had been a joint venture between Lyondell and Millennium. The company will operate as Lyondell Chemical. Lyondell Chemical Co. agreed to acquire Millennium Chemicals Inc. for $1 billion in stock and the assumption of $ billion of debt, creating North America's third-largest publicly held chemicals.

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Millennium, he said, is seen as higher-cost, but "if anyone on planet Earth can pull value out of this combination," he said, "it's Dan Smith and Lyondell. Analysts had expected the company to earn 80 cents a share, according to First Call Corp. The company attributed the earnings increase to "improved earnings from all three operating segments," strong market conditions for petrochemicals and lower feedstock prices during the quarter.

All Rights Reserved. Skip to Main Content Skip to Search. It was owned by Access Industries , a privately held, U. LyondellBasell is the third largest independent chemical manufacturer in the world and is headquartered in Houston and Rotterdam. LyondellBasell's United States operations filed for Chapter 11 bankruptcy protection in January and emerged from bankruptcy in April The company completed an expansion of its Corpus Christi ethylene plant in January The plant's capacity was increased by 50 percent to produce 2.

The Houston Ship Channel was temporarily closed, which prevented crude tankers from reaching refineries. The La Porte facility was damaged but came back online in late October. In December , LyondellBasell partnered with Suez , a French water and waste management company, in the first joint venture between a major plastics and chemicals company and a resource management company.

LyondellBasell and Odebrecht entered into exclusive talks for LyondellBasell to acquire control of Braskem in June During July , LyondellBasell announced a partnership with Karlsruhe Institute of Technology KIT in Germany to advance chemical recycling of plastic materials and assist the global efforts towards the circular economy and plastic waste recycling needs.

The focus of the venture is to develop a new catalyst and process technology to decompose post-consumer plastic waste, such as packaging, into monomers for reuse in polymerization processes. In August , LyondellBasell finalized their acquisition of A. Schulman Inc. The plant is estimated to produce 1 billion pounds of propylene oxide and 2. LyondellBasell will export the majority of its products via the Houston Ship Channel. LyondellBasell also announced in September that it and its joint partner, Covestro, kicked-off a large investment project in Maasvlakte-Rotterdam, the Netherlands.

The Circular Steam Project incorporates an innovative technology into the existing production plant, to convert its water-based waste into energy and is an important contribution to the Dutch government's CO2 reduction targets. LyondellBasell holds an annual Global Care Day, where company employees volunteer for community service projects in 20 countries. In May , LyondellBasell became a corporate partner of the Astros Community Leaders Program which supports community youth baseball and softball leagues.

In response to Hurricane Harvey in , LyondellBasell donated food to disaster relief efforts in the Gulf Coast region. The Fit-Friendly program emphasizes employee health and company culture surrounding physical health. Current Report. State or other jurisdiction. Identification No. Two Greenville Crossing,. Greenville, Delaware. Not Applicable. Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions see General Instruction A.

The Chapter 11 cases are being jointly administered under the caption In re Lyondell Chemical Company, et.

millennium chemicals inc lyondell bankruptcy

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