LyondellBasell To Sell Argentina-based Petroken In $145 Mln Deal - Quick Facts

(RTTNews) - Dutch chemicals and polymers maker LyondellBasell Industries N.V. (LYB) announced that it has agreed to sell its Argentina-based wholly-owned subsidiary Petroken Petroquimica Ensenada S.A. Petroken to YPF S.A. and Grupo Inversor Petroquimica S.L. in a deal valued at $145 million on a debt and cash free basis.

The sale is expected to close in late 2015 following Brazilian antitrust authority (CADE) approval.

Based on working capital estimates as of June 30, 2015, the deal is expected to generate cash proceeds of $162 million.

Petroken operates a 180 kiloton polypropylene plant in Ensenada and is a leading polypropylene producer in Argentina. Until closing, Petroken will continue to provide the same level of support, service and high quality products to its customers.