Press Trust of India / New York Dec 01, 2009, 21:37 IST
Bankrupt US petro-chemical firm LyondellBasell today said it will shut down one of its polypropylene (PP) line in Wesseling, Germany by this year end.
LyondellBasell will shut down one polypropylene line in Wesseling by this year end but would continue to invest in state-of-the-art facilities, the company said in a statement.
Pursuant to the said closure, polypropylene capacity at the site would be reduced by 110 KT. The affected line in Wesseling is one of the smallest and oldest PP units we have in LyondellBasell, the statement added.
"We have concluded that our current polypropylene operating rate at Wesseling is no longer economically viable," LyondellBasell President of Europe, Asia & International Anton de Vries said.
Vries further asserted: "We will continue to meet the needs of our customers even as we rationalise certain assets."
India's most valued company Reliance Industries is believed to have offered more than $12 billion in cash to acquire a majority stake in LyondellBasell.
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