HOUSTON and LONDON, Oct. 1,
2015 /PRNewswire/ -- LyondellBasell (NYSE:LYB), one of
the world's largest plastics, chemical and refining companies,
today announced the acquisition of SJS Plastiblends Pvt. Ltd.
(SJS), thereby advancing the Company's position in India's expanding automotive market. In
August, LyondellBasell announced a definitive agreement to acquire
SJS, a polypropylene (PP) compounds manufacturer located in
Aurangabad, Maharashtra, India.
"This acquisition underscores our strategy of investing in
growth projects that provide a competitive advantage in targeted
markets and a strong return on assets," said Bhavesh (Bob) Patel, CEO and chairman of the
management board of LyondellBasell.
India represents the fourth
largest growth market for automobiles globally with 3 million new
vehicles produced each year. According to IHS Inc., India's automotive market is expected to
continue growing by 6 to 8 percent annually through 2021.
Additionally, the World Bank has predicted India's GDP to grow at a rate of 8 percent by
2017.
The Aurangabad compounding plant has an annual production
capacity of approximately 12,000 metric tons (26 million pounds).
In addition to the already existing product lines, the facility
will produce LyondellBasell's Hostacom glass
fiber-reinforced, mineral filled and unfilled colored grades as
well as Hifax high impact thermoplastic olefins. These
products are used in the manufacture of automotive parts, home
appliances and other applications.
LyondellBasell is the world's largest producer of PP compounds
with an annual capacity of 1.2 million metric tons (2.4 billion
pounds). LyondellBasell has supplied the Indian market through
imports and tolling arrangements since 2009.
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
56 sites in 19 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.
Hostacom and Hifax are trademarks owned by
LyondellBasell.
The LyondellBasell Aurangabad manufacturing facility is owned
and operated by Basell Polyolefins India Pvt. Ltd., a wholly-owned
subsidiary of LyondellBasell.
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 achieve expected cost savings and other
synergies; our ability to successfully integrate and 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