The company will operate as Lyondell Chemical Company with headquarters in Houston. Lyondell now operates on five continents and employs approximately 10,000 people worldwide. With the completion of the transaction, both Millennium and Equistar Chemicals are now wholly owned subsidiaries of Lyondell. Lyondell now has leading global positions in propylene oxide and derivatives, plus titanium dioxide (TiO2), as well as leading North American positions in ethylene, propylene, polyethylene, aromatics, acetic acid and vinyl acetate monomer.
Lyondell Completes Acquisition of Millennium Chemicals
January 1, 2005
HOUSTON - Lyondell Chemical Company completed its acquisition of Millennium Chemicals Inc. effective November 30, 2004. The transaction creates North America's third-largest independent, publicly traded chemical company with consolidated pro forma 2003 revenues of $11.4 billion and current market capitalization of more than $6.5 billion. Based on chemical sales, Lyondell is now the world's seventh-largest independent chemical company.