LyondellBasell announces acquisition of PolyPacific Polymers Sdn. Bhd. in Malaysia
- Written by PR Newswire
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HOUSTON and HONG KONG, June 30, 2021 /PRNewswire/ -- LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world, today announced it has acquired 100 percent of PolyPacific Polymers Sdn. Bhd. (PPM) in Port Klang, Malaysia.
PPM is a 25kt manufacturing facility producing reinforced and modified polyolefin compounds.
Upon completion of the acquisition, the facility will undergo a rebranding and name change, and its employees will become LyondellBasell employees. PPM will continue to produce and supply the ongoing business products to its customers.
"We admire PolyPacific Pty. Ltd for the business and reputation they established over the past four decades, and wish them well as they continue to operate their Australian compounding business in Melbourne. We are excited to capture the value of PPM within our APS Asian footprint" said Jim Guilfoyle, Executive Vice President, Advanced Polymer Solutions and Supply Chain, LyondellBasell. "We welcome our new employees to the LyondellBasell family."
In conjunction with the acquisition, LyondellBasell will exit the PolyPacific, a 50:50 joint venture, which will become 100 percent owned by Mirlex Pty Ltd. "We look forward to the future as an independent wholly-owned Australian compounder," said Lindsey Hogg, who will continue as Managing Director. "We wish our loyal, capable and trusted colleagues at PPM a well-deserved future with LyondellBasell."
About LyondellBasell LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polypropylene compounds and the largest licensor of polyolefin technologies. In 2021, LyondellBasell was named to FORTUNE Magazine's list of the "World's Most Admired Companies" for the fourth consecutive year. More information about LyondellBasell can be found at www.lyondellbasell.com[1].
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References
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