HOUSTON and LONDON, Aug. 10,
2015 /PRNewswire/ -- LyondellBasell (NYSE: LYB), one of
the world's largest plastics, chemical and refining companies,
today announced that it has entered into a definitive agreement for
the acquisition of SJS Plastiblends Pvt. Ltd. (SJS), a
polypropylene compounds (PPC) manufacturer, located in Aurangabad,
Maharashtra, India. This strategic
acquisition will expand LyondellBasell's existing footprint in
India and further enhance the
Company's position in India's
growing automotive market.
"This acquisition will expand our global PPC manufacturing
footprint and allow us to better compete in the long-term growth of
India's automotive market," said
Bhavesh V. (Bob) Patel, CEO and
Chairman of the Management Board of LyondellBasell. "We are very
proud of the strong, global reputation we have built by
manufacturing high-quality products and providing excellent service
to our customers. We look forward to continuing this tradition in
India through this
expansion."
Globally, India represents the
fourth largest growth market for automobiles, with three million
new vehicles produced each year. According to IHS Inc.,
India's automotive market is
expected to continue growing by six to eight percent annually
through 2021. LyondellBasell has supplied the Indian market through
imports and tolling arrangements since 2009.
The acquisition agreement was signed on August 7, 2015, and the transaction is expected
to close in late 2015. This acquisition will follow the Company's
strategic growth model by enhancing its competitive position in
attractive markets. Until the transaction is complete, SJS will
conduct business as usual and continue to provide the same level of
support, service and high quality products to its customers.
About LyondellBasell:
LyondellBasell (NYSE: LYB) is one of the world's largest
plastics, chemical and refining companies and a member of the
S&P 500. LyondellBasell (www.lyb.com) manufactures products at
55 sites in 18 countries. LyondellBasell products and technologies
are used to make items that improve the quality of life for people
around the world including packaging, electronics, automotive
parts, home furnishings, construction materials and biofuels.
About SJS:
SJS was established in 1996 to create products that improve the
performance and aesthetics of plastics in automotive supply. SJS
has approximately 60 employees and one manufacturing site with
annual production capacity of approximately 12,000 metric tons of
polypropylene compounds (PPC). These compounds are used in the
production of thermoplastic materials for the automotive, home
appliances and other markets. Singhi Advisors were financial
advisors to SJS on this transaction.
Forward-Looking Statements
The statements in this release relating to matters that are not
historical facts are forward-looking statements. These
forward-looking statements are based upon assumptions of management
which are believed to be reasonable at the time made and are
subject to significant risks and uncertainties. Actual results
could differ materially from the projections, anticipated results,
or other expectations expressed in this release, including, but not
limited to, our ability to complete the acquisition described or
the timing of such transaction; our ability to achieve expected
cost savings and other synergies; our ability to obtain all
necessary regulatory approvals and to successfully operate the
acquired business described in this release; and general economic
conditions in geographic regions or markets served by
LyondellBasell and its affiliates, or where operations of the
company and its affiliates are located. While these statements and
projections are made in good faith, LyondellBasell and its
management cannot guarantee that anticipated future results will be
achieved. Additional factors that could cause results to differ
materially from those described in the forward-looking statements
can be found in the "Risk Factors" section of our Form 10-K for the
year ended December 31, 2014, which
can be found at www.lyb.com on the Investor Relations page and on
the Securities and Exchange Commission's website at www.sec.gov.
LyondellBasell assumes no obligation to publicly update or revise
any forward-looking statements made herein or any other
forward-looking statements made, whether as a result of new
information, future events, or otherwise.
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SOURCE LyondellBasell