Company News
August 25, 2021
LyondellBasell CEO Moving On
LyondellBasell Announces Retirement of Chief Executive Officer
Bob Patel to Continue to Serve in His Role Through 2021
Board Forms Search Committee to Identify a Successor
HOUSTON and LONDON, Aug. 25, 2021 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announced that Chief Executive Officer Bhavesh V. (Bob) Patel intends to retire from the Company as of December 31, 2021. Mr. Patel will continue to lead the Company until that time and will ensure a smooth and orderly transition for his successor. Upon his departure, he will also resign from the Company’s Board of Directors. The Board of Directors has established a sub-committee that will oversee the search for a new CEO and will consider both internal and external candidates.
“Under Bob’s leadership, LyondellBasell has successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows and consistently raised our quarterly dividend,” said Jacques Aigrain, Board Chair. “The Board is grateful for Bob’s exceptional contributions and knows the Company will continue to benefit from the value-driven growth investments made under his leadership. We are extremely proud of his commitment to driving sustainability at LyondellBasell, where we have set an ambitious goal to produce and market two million metric tons of recycled and renewable-based polymers by 2030. Bob’s leadership in this area is exemplified by the Company’s actions as a founding member of the Alliance to End Plastic Waste, an organization which helps address plastic waste in the environment.”
Mr. Patel joined LyondellBasell in March 2010 and was appointed CEO in January 2015. Since that time, the Company has grown substantially through a series of strategic global investments, including the acquisition of A. Schulman, the construction of world-scale manufacturing plants in the U.S. Gulf Coast, and the establishment of new or expanded joint ventures in the United States, China, Korea and Thailand. Under Mr. Patel’s leadership, LyondellBasell was also named to Fortune Magazine’s “World’s Most Admired Companies” list for four consecutive years beginning in 2018 and to Newsweek Magazine’s list of “Most Responsible Companies” for 2021.
“I am excited about the future for LyondellBasell. We have built a strong operational foundation, achieved significant growth, and continue to have a favorable outlook,” said Mr. Patel. “After almost 12 years at the Company, the time has come for me to move to the next chapter of my career, and my decision is made easier given the strength of the Company and the highly experienced, capable leadership team that is in place. I would like to thank all of our employees around the world, our customers, our shareholders and the Board for their support and partnership throughout my time at LyondellBasell. I look forward to following the Company’s further successes as an industry leader.”
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1377
August 25, 2021
LyondellBasell CEO Moving On
LyondellBasell Announces Retirement of Chief Executive Officer
Bob Patel to Continue to Serve in His Role Through 2021
Board Forms Search Committee to Identify a Successor
HOUSTON and LONDON, Aug. 25, 2021 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announced that Chief Executive Officer Bhavesh V. (Bob) Patel intends to retire from the Company as of December 31, 2021. Mr. Patel will continue to lead the Company until that time and will ensure a smooth and orderly transition for his successor. Upon his departure, he will also resign from the Company’s Board of Directors. The Board of Directors has established a sub-committee that will oversee the search for a new CEO and will consider both internal and external candidates.
“Under Bob’s leadership, LyondellBasell has successfully expanded our global portfolio, increased our earnings power, delivered strong cash flows and consistently raised our quarterly dividend,” said Jacques Aigrain, Board Chair. “The Board is grateful for Bob’s exceptional contributions and knows the Company will continue to benefit from the value-driven growth investments made under his leadership. We are extremely proud of his commitment to driving sustainability at LyondellBasell, where we have set an ambitious goal to produce and market two million metric tons of recycled and renewable-based polymers by 2030. Bob’s leadership in this area is exemplified by the Company’s actions as a founding member of the Alliance to End Plastic Waste, an organization which helps address plastic waste in the environment.”
Mr. Patel joined LyondellBasell in March 2010 and was appointed CEO in January 2015. Since that time, the Company has grown substantially through a series of strategic global investments, including the acquisition of A. Schulman, the construction of world-scale manufacturing plants in the U.S. Gulf Coast, and the establishment of new or expanded joint ventures in the United States, China, Korea and Thailand. Under Mr. Patel’s leadership, LyondellBasell was also named to Fortune Magazine’s “World’s Most Admired Companies” list for four consecutive years beginning in 2018 and to Newsweek Magazine’s list of “Most Responsible Companies” for 2021.
“I am excited about the future for LyondellBasell. We have built a strong operational foundation, achieved significant growth, and continue to have a favorable outlook,” said Mr. Patel. “After almost 12 years at the Company, the time has come for me to move to the next chapter of my career, and my decision is made easier given the strength of the Company and the highly experienced, capable leadership team that is in place. I would like to thank all of our employees around the world, our customers, our shareholders and the Board for their support and partnership throughout my time at LyondellBasell. I look forward to following the Company’s further successes as an industry leader.”
https://lyondellbasell.mediaroom.com/index.php?s=43&item=1377
August 24, 2021
COIM Announces Price Increase
Effective October 1st, 2021 COIM USA is increasing the selling prices of its Isoexter® aromatic polyester polyols in the US and Canada as follows:
Polyester Polyols for Rigid Board Applications: $0.11/lb.
Polyester Polyols for Spray Foam and Pour in Place Applications: $0.06/lb.
This increase is needed to offset the continued increase in raw materials and transportation. We appreciate the business partnership between our companies, and your account manager will contact you shortly to discuss the specifics of this increase.
August 24, 2021
COIM Announces Price Increase
Effective October 1st, 2021 COIM USA is increasing the selling prices of its Isoexter® aromatic polyester polyols in the US and Canada as follows:
Polyester Polyols for Rigid Board Applications: $0.11/lb.
Polyester Polyols for Spray Foam and Pour in Place Applications: $0.06/lb.
This increase is needed to offset the continued increase in raw materials and transportation. We appreciate the business partnership between our companies, and your account manager will contact you shortly to discuss the specifics of this increase.
August 19, 2021
Pearl Targets Growth
Pearl Polyurethane: Dubai expected to develop as international PU innovation hub
Pearl Polyurethane, a system house covering the Middle East and North Africa, announced that it has appointed a new CEO as part of an ambitious growth plan to double the size of the Dubai-headquartered company and expand internationally over the coming five years.
Martin Kruczinna (Source: Pearl Polyurethane Systems)
Former Bayer executive, Martin Kruczinna, who took up the CEO’s role in February 2021 recently oversaw a buyout deal which saw Dubai-based parent entity, Pearl Overseas Industries Ltd, sign an agreement to acquire the remaining 51 % shareholding in the company, taking ownership control to 100 %, acquiring the additional shareholding from its former German joint-venture partner, Covestro AG. The deal was completed on 26 July 2021 with Pearl putting a long-term supply and technical service agreement in place with manufacturer Covestro to ensure consistency of supply to existing and new clients. The newly independent company, now known as Pearl Polyurethane Systems LLC, said it is poised to leverage its past successes under the growth plan detailed by Kruczinna. Operating for over 25 years, the company has supplied polyurethane insulation foam systems for several trailblazing projects in the Gulf region, including Palm Jumeirah, Downtown Dubai and Ski Dubai in Mall of the Emirates. Detailing the five-year growth plan, labelled PearlX2, Kruczinna outlined the structured strategy which relies on five main pillars:
• Geographic expansion: Successfully moving beyond Pearl’s established region and gaining significant share of new markets outside the MENA-region, supported by further investment into Pearl’s international footprint to accompany this growth
• Diversification: Entering and growing new business fields to complement the current core business catering to insulation applications
• Strategic partnerships: Forge partnerships with stakeholders at all stages in the value chain to leverage strategic value through international cooperation
Other aspects of the new growth plan focus heavily on people together with a significant investment in R&D:
• R&D initiatives, sustainability & new product development: Focusing on R&D and sustainability as evidenced by the company’s recent R&D initiative launched in May 2021 aimed at improving sandwich panel insulation performance by 20 %. The company also plans to launch a new range of Pearl branded PU products and in doing so increase its market share in existing industries served.
• Talent acquisition and corporate culture: Recruiting and developing talent through ongoing mentoring and training initiatives to further build on the company’s reputation for providing industry-leading technical advice and personalised customer service, while further entrenching the entrepreneurial spirit and solutions driven ethos that Pearl has become known for.
“Key drivers positioning Pearl as market leader in its field has been the company’s ability to combine the best of both worlds: the thoroughness of a global player paired with an unwavering commitment to personalised customer service and the agility of a dynamic, entrepreneurial business to maximise value for our customers. Instead of changing this highly effective formula, we want to roll out our unique and successful business model into new markets, both geographically and also in terms of the scope of activities into new industry sectors,” said Kruczinna. “The newly structured entity of Pearl Polyurethane, combined with the reconfirmed long-term relationship with Covestro, enables us to create win-win solutions for our existing and new customers, suppliers.”
Kruczinna added: “Our new growth plan is aimed at doubling the size of our company over five years. While we plan to further increase our market share in selected MENA countries, the real leverage will come from moving beyond those borders and launching innovative new products. Our advantageous location in Dubai as a regional trading hub puts several attractive markets within easy reach. We expect our unique value proposition of being able to reliably deliver high quality service and products at competitive prices should be valued in new international markets. We intend to capitalise on these growth opportunities and position Pearl as the preferred polyurethane solutions partner for customers in a growing number of industries, not only in the Middle East but also internationally.”
Pearl Polyurethane offers a comprehensive range of polyurethane formulations and prepolymers for the production of high-performance polyurethane foams and elastomers.
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