Access Industries has merged its Basell AF with Lyondell Chemical Co. in a deal worth approximately US$20 billion. The move creates the third-largest independent chemical company, Lyondell Basell. Lyondell Basell possesses combined pro forma revenues of about US$43 billion for the year ending Sept. 30, 2007. The new company has almost 15,000 employees and 60 manufacturing sites in 19 countries.
Of the move, LyondellBasell CEO Volker Trautz said, "With the combination of Basell and Lyondell, we have created a global leader in the petrochemical industry, with exceptional capabilities in both chemicals and fuels. Each of our businesses has a long and successful heritage. As we go forward, the values, dedication and ingenuity that made our predecessors strong and successful will remain at the core of our culture."