Lyondell Announces Agreement to Acquire Millennium Chemicals
HOUSTON - Lyondell Chemical Co. announced an agreement to acquire Millennium Chemicals Inc. in a stock transaction valued at about $1 billion. The deal, if completed, would create the third largest publicly traded chemical manufacturer in North America. Lyondell also will assume $1.3 billion in Millennium debt, the companies said.
The merger will combine two important U.S. chemical companies that hold major positions in various commodities and specialty products, including titanium dioxide (TiO2), propylene oxide and acetyls. The companies also are partners in the Equistar joint-venture business, a producer of ethylene, propylene, polyethylene and aromatics. The two companies had combined 2003 revenues of more than $11 billion, and following the merger will operate in 16 countries and employ about 10,000 people worldwide.