LyondellBasell Industries, based in Rotterdam, the Netherlands, announced the successful completion of the sale of European olefins and polyolefins assets along with associated business and corporate functions to AEQUITA. The transaction closes a key phase of the company's European strategic assessment and follows the completion of required employee consultation processes and satisfaction of regulatory and closing conditions.
The divested assets span four European locations: Berre in France, Münchsmünster in Germany, Carrington in the United Kingdom, and Tarragona in Spain. LyondellBasell will retain its Advanced Polymer Solutions business in Tarragona. The divested business will operate under the new name Velogy following the closing.
The divestiture aligns with LyondellBasell's broader strategy to strengthen its portfolio by concentrating resources on assets and businesses with durable competitive advantages and stronger long-term returns. The company stated that the transaction enhances financial flexibility and supports disciplined capital allocation going forward.
Peter Vanacker, chief executive officer of LyondellBasell, characterized the sale as pivotal to the company's transformation. "By finalizing this sale, we have refined our portfolio and enhanced our capacity to allocate capital toward high-return opportunities that contribute to long-term value creation," Vanacker said. He emphasized that Europe remains central to LyondellBasell's strategy, noting the company will continue investing in areas with strong value creation potential, particularly in specialty polymers, circular and low-carbon solutions, and technology innovation.
AEQUITA-Founder and Chairman Dr.-Ing. Axel Geuer framed the acquisition as a significant step in building a scaled and competitive European polymers platform. "This closing marks an important step in building a scaled and competitive European polymers platform, a sector where we see strong fundamentals and attractive long-term value creation potential," Geuer said. He acknowledged LyondellBasell's collaboration throughout the transaction process and expressed commitment to working with Velogy's employees to strengthen customer and supplier services.
