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Lyondell to Suspend Production at Lake Charles TDI Plant

Published on 2005-09-21. Author : SpecialChem

HOUSTON -- Lyondell Chemical Company (NYSE: LYO - News) announced that it will indefinitely suspend production at its 300-million-pound per year Lake Charles, Louisiana, toluene diisocyanate (TDI) plant.

"The TDI business in North America has not improved as we hoped it would with the economic recovery. The decision to suspend production at this plant is based on poor financial results. Unfortunately, at this time, we do not believe these results will change in the near term, making it commercially impracticable for us to continue production of TDI at the Lake Charles plant," said Ed Dineen, senior vice president, Chemicals and Polymers. "We do not believe that the costs associated with suspension of production will be material in the near term. We are evaluating the long-term prospects of the facility."

Lyondell acquired the TDI plant as part of its 1998 acquisition of ARCO Chemical Company. ARCO Chemical had purchased the plant from Olin Corporation in December 1996.

Toluene diisocyanate is used in the production of polyurethanes for flexible foam applications, including consumer goods, transportation and packaging. TDI also is used in the manufacture of coatings, sealants, adhesives and elastomers.

About Lyondell

Lyondell Chemical Company, headquartered in Houston, Texas, is North America's third-largest independent, publicly traded chemical company. Lyondell is a major global manufacturer of basic chemicals and derivatives including ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene oxide and acetyls. It also is a significant producer of gasoline blending components. The company has a 58.75 percent interest in Lyondell- Citgo Refining LP, a refiner of heavy, high-sulfur crude oil. As a result of Lyondell's November 30, 2004, acquisition of Millennium Chemicals Inc., Millennium and Equistar Chemicals, LP are wholly owned subsidiaries of Lyondell. Lyondell is a global company operating on five continents and employs approximately 10,000 people worldwide.

Source: Lyondell Chemical Company


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