It is LYB’s ambition to further develop the company’s unique solvent-based technology for low density polyethylene (LDPE) and build commercial plants in the future. This will enable LYB to produce new high-purity materials that can be used in applications like flexible packaging for personal care products, meeting the demands of customers and brand owners.
The company also announced a comprehensive cost reduction program with anticipated annualized pre-tax savings of approximately $175 million once fully implemented, including savings of $60 million in 2025. The multi-year program is focused on reducing structural costs primarily in Europe and in certain other global businesses.
The businesses outside these core areas will either be sold to new owners or integrated into partnerships. In some cases, businesses will be closed down responsibly. Altogether, the businesses affected by these changes generate €350 million in sales.
The Maersk shipping family are funding a new company producing fossil-free plastics from green methanol. Launched by Maersk’s holding company AP Moller Holding and headed by chemicals executives, Vioneo plans to spend €1.5bn (US$1.64bn) building a 300,000 t/y plant in Belgium that could start operations in 2028.
Honeywell International, Inc. announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Honeywell expects to execute the planned spin in a tax-free manner to its shareowners.
