LyondellBasell acquire A Schulman in $2.25 billion deal

LyondellBasell to acquire A Schulman in $2.25 billion deal

5:07 AM, 16th February 2018
LyondellBasell logo
LyondellBasell logo. ©

HOUSTON, US/ LONDON, UK: LyondellBasell NV (LYB) has entered into a definitive agreement to acquire A Schulman Inc (SHLM), for a total consideration of $2.25 billion.

The acquisition builds upon LyondellBasell's existing platform in this space to create a premier advanced polymer solutions business with broad geographic reach, leading technologies and a diverse product portfolio.

LyondellBasell will purchase 100 percent of A Schulman common stock for $42 per share in cash.

The proposed acquisition has been unanimously approved by the respective boards of LyondellBasell and A Schulman. The deal is expected to close in the second half of 2018.

"The acquisition of A Schulman is a natural extension of our current platform. This combination will allow us to provide our customers with a wider range of innovative solutions while adding the ability to serve high-growth end markets beyond the automotive sector, such as packaging and consumer products, electronics and appliances, building and construction, and agriculture," said Bob Patel, CEO of LyondellBasell.

"We are delighted to join forces with LyondellBasell, an industry leader we have admired for many years. LyondellBasell not only shares our commitment to meeting customers' demanding requirements but with its scale and resources, the combined business will be better positioned to address a broader range of customer needs by integrating across applications and offering customers a wider range of solutions in attractive and growing markets. We also expect this combination to create significant opportunities for A Schulman employees, whose professionalism and expertise will be integral to advancing LyondellBasell's vision, values and commitment to making a positive global impact," added Joseph Gingo, chairman, president and CEO of A Schulman.

Shearman & Sterling LLP is serving as LyondellBasell's legal counsel, while JP Morgan and Dyal Co are serving as co-financial advisors. 

Skadden, Arps, Slate, Meagher & Flom LLP is serving as A Schulman's legal counsel, while Citigroup Global Markets Inc is serving as financial advisor.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Bayer, Mitsui Chemicals ink license agreement for novel fungicide

MONHEIM, GERMANY/TOKYO, JAPAN: Bayer AG and Mitsui Chemicals Agro Inc (MCAG) has signed a license agreement for the development and marketing of quino ...

Read more
AkzoNobel opens Rs 650 mn powder coatings facility in India

MUMBAI, INDIA: AkzoNobel India said that it has inaugurated it’s rupees 650 million powder coatings facility in Mumbai. Located in Thane, this i ...

Read more
Kuraray to increase prices for elastomer products

TOKYO, JAPAN: Kuraray Co Ltd said that its elastomers business unit will increase the transaction prices of following elastomer products in all region ...

Read more
Honeywell nominates current CEO Darius as chairman

MORRIS PLAINS, US: Honeywell (HON) said that it has nominated president and CEO Darius Adamczyk to serve as chairman when current chairman&n ...

Read more
ThyssenKrupp bags UAIL alumina refinery expansion contract

MUMBAI, INDIA: ThyssenKrupp Industrial Solutions (India) has been awarded a contract by Utkal Alumina International Limited (UAIL), to provide enginee ...

Read more
Kraton increases Sylvatraxx tread enhancement additives capacity

HOUSTON, US: Kraton Corporation (KRA) intends to increase operational capacity of Sylvatraxx tread enhancement additives (TEA) to meet the growing dem ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X