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LyondellBasell (LYB) Acquires PolyPacific Polymers in Malaysia
LyondellBasell Industries N.V. (LYB - Free Report) recently announced 100% buyout of PolyPacific Polymers Sdn. Bhd. (“PPM”) in Port Klang, Malaysia. PPM is a 25kt facility manufacturing reinforced and modified polyolefin compounds.
After the completion of the buyout, the site will undergo a rebranding and name change. The employees will also become employees of LyondellBasell. PPM will continue to manufacture and supply the ongoing business products to its consumers.
LyondellBasell will exit the PolyPacific, a 50:50 joint venture, which will become wholly owned by Mirlex Pty Ltd.
Shares of LyondellBasell have surged 54.5% in the past year compared with 47.5% rise of the industry.
The company, in its last earnings call, noted that it anticipates operating at nearly full capacity globally to meet strong demand that is expected to persist owing to low inventories and maintenance downtime across industry. Strong North American integrated polyethylene margins are expected to continue as U.S. producers look to fulfil domestic order backlogs, rebuild inventories and serve export demand.
In the second half of 2021, it is expected that increased mobility will drive higher demand for gasoline and jet fuel, improving margins for its Refining and Oxyfuels & Related Products businesses. Moderating feedstock costs are also expected to increase second-quarter margins in the Advanced Polymer Solutions segment. The company looks forward to further reduce debt in the near future.
LyondellBasell Industries N.V. Price and Consensus
LyondellBasell Industries N.V. price-consensus-chart | LyondellBasell Industries N.V. Quote
Zacks Rank & Key Picks
LyondellBasell currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 344.9% for the current year. The company’s shares have surged 133.4% in a year. It currently flaunts a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 311.5% in the past year. It currently sports a Zacks Rank #1.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 57.6% in the past year. It currently flaunts a Zacks Rank #1.
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