WASHINGTON (dpa-AFX) - LyondellBasell Industries N.V. (LYB) Tuesday announced a joint decision with Covestro to permanently close the Propylene Oxide Styrene and Monomer production unit at the Maasvlakte site in the Netherlands.
LyondellBasell said the decision to close the joint venture reflects the continued pressure on Maasvlakte's profitability due to global overcapacities, increase of imports from Asia and high costs of European production.
The company said it would continue to supply European customers with polyether polyols portfolio.
The Maasvlakte site has been operational in the Rotterdam region since 2003.
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