HOUSTON — Lyondell Chemical Co. completed the sale of its worldwide polyols business and an equity stake in its U.S. propylene oxide business to Bayer AG for $2.5 billion. Bayer said the acquisition makes it the world’s biggest supplier of polyurethane raw materials, with more than one-fourth of the world market.
The acquisition includes Lyondell’s U.S. polyol manufacturing plants in Institute and South Charleston, WV, and Channelview, TX; European facilities in Belgium and France; and business units in Indonesia, Taiwan and Singapore. The polyol facilities possess annual production capacity of approximately 700,000 tons. Bayer also has acquired research centers in Newtown Square, PA; South Charleston; France; and Singapore.