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LyondellBasell Industries
LyondellBasell Increases Fixed-Cost Reduction Target to $700 Million and Initiates Development of Plan of Reorganization
April 26th, 2009
LyondellBasell announced that it has increased its fixed-cost reduction target to $700 million by year-end 2010. The new target is part of a total performance improvement plan of $1.3 billion, which also encompasses variable and energy cost reductions, as well as revenue enhancement initiatives. "The original merger plan targeted a fixed-cost reduction of approximately $200 million. Based on our efforts through the second half of 2008 and particularly in the first quarter 2009, we have increased our goal to $700 million," said Ed Dineen, LyondellBasell's Chief Operating Officer. "More importantly, we believe we will demonstrate a substantial part of this target in the...
Source: Pharma Investments, Ventures & Law Weekly (2009-04-26)
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