HOUSTON and LONDON,
Aug. 18, 2015 /PRNewswire/
-- LyondellBasell (NYSE: LYB), one of the world's largest
plastics, chemical and refining companies, today announced that YPF
S.A. and Grupo Inversor Petroquimica S.L. have accepted an
offer to purchase LyondellBasell's Argentina-based, wholly-owned subsidiary
Petroken Petroquimica Ensenada S.A. (Petroken). The sale is
expected to close in late 2015 following Brazilian antitrust
authority (CADE) approval. The transaction is valued at
$145 million on a debt and cash free
basis. Based on working capital estimates as of June 30, 2015, expected cash proceeds are
$162 million. Petroken operates
a 180 kiloton polypropylene plant in Ensenada and is a leading
polypropylene producer in Argentina.
"As part of our long-term growth strategy, we will continue to
focus on regions and assets that will have the greatest impact on
value-creation for our shareholders," said Tim Roberts, Executive Vice President, Global
Olefins and Polyolefins.
Until closing, Petroken will 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.
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, inability to complete the sale in the expected
timeframe; inability to realize anticipated cost savings associated
with the sale described in this release on a timely basis;
inability to satisfy any conditions precedent to completing the
sale, including the inability to obtain any necessary approvals or
consents; and political and currency risks associated with
international operations of the company and its affiliates. 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