LyondellBasell To Sell Ethylene Oxide & Derivatives Business To INEOS For $700 Mln

(RTTNews) - LyondellBasell Industries N.V. (LYB), a specialty chemicals industry, Friday said it entered into an agreement to sell its Ethylene Oxide & Derivatives (EO&D) business and production facility to INEOS Oxide for $700 million.

Peter Vanacker, LyondellBasell CEO commented, "Successful execution of this strategic pillar involves making difficult decisions to divest businesses which are not part of our core."

The transaction is expected to close in second quarter of 2024, the company said in a statement.

In pre-market activity, LyondellBasell's stock was slipping 0.14%, to $92.05, while it closed at $92.18, down 0.27% on Thursday.