March 14, 2023

LyondellBasell’s World Largest PO/TBA Plant Starts

LyondellBasell Commissions World’s Largest PO/TBA Unit

HOUSTON, March 14, 2023 /PRNewswire/ — LyondellBasell (NYSE: LYB) today announces it has successfully started up the world’s largest propylene oxide (PO) and tertiary butyl alcohol (TBA) unit in Texas. These new assets on the U.S. Gulf Coast have an annual capacity of 470 thousand metric tons of PO and one million metric tons of TBA and its derivatives.

“The world-leading capacity of the new plant positions us to meet the growing demand for products essential for modern life,” said Chris Cain, LyondellBasell senior vice president for Global Manufacturing. “Our company strives to be trailblazers in our industry and make positive contributions through our environmental and sustainability initiatives. This project advances our company’s goals and creates value while meeting customer and society’s needs, and it involved a collaborative effort between multiple project teams at Bayport, Channelview and around the world to deliver a project of this magnitude.”

The PO/TBA project is a split facility design, intended to optimize production and leverage synergies shared by the LyondellBasell Channelview Complex located in Channelview, Texas and the LyondellBasell Bayport Complex located in Pasadena, Texas. The 140-acre PO/TBA plant was built at the Channelview Complex, while the associated 34-acre ethers unit, which will convert TBA to oxyfuels, was built at the Bayport Complex.

The project is part of the company’s multi-billion dollar series of investments along the U.S. Gulf Coast. Based on an analysis by the Greater Houston Partnership, the LyondellBasell PO/TBA project is estimated to generate more than $450 million in tax benefits for the county, school district, community college and other local taxing districts over a 10-year period.

The development of LyondellBasell PO/TBA operations began at the Bayport Complex, with the first PO/TBA unit starting up in 1969. Through 50-plus years of global experience with PO/TBA operations and applying new innovations in yield improvement and PO recovery, the PO/TBA plant at the Channelview Complex is the most energy efficient PO/TBA facility in company history.

Propylene Oxide (PO)
PO goes into making polyurethane foam typically used to create mattresses and car and furniture seat cushions. It is also used to make insulation, which can be used to increase the energy efficiency of homes and businesses.

Other common end uses for these products include liquid detergents, toothpaste, cosmetics, paints and spandex fabrics.

Tertiary Butyl Alcohol (TBA)
TBA is converted to produce two ether-based oxyfuels, methyl tertiary butyl ether (MTBE) and ethyl tertiary butyl ether (ETBE). Both MTBE and ETBE are high-octane fuel additives that help gasoline burn more efficiently, reducing emissions from automobiles.

About LyondellBasell  
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company’s products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and climate change. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.

https://lyondellbasell.mediaroom.com/index.php?s=43&item=1440

March 14, 2023

LyondellBasell to Explore Options for EO and Derivatives

LyondellBasell Launches New Company Strategy

HOUSTON, March 14, 2023 /PRNewswire/ — LyondellBasell hosts its Capital Markets Day today at the New York Stock Exchange and is introducing its new long-term strategy which is aligned with the company’s purpose of creating solutions for everyday sustainable living. The company expects to accelerate growth, expand margins and improve returns through its technology leadership, sustainable solutions, and sharp focus on favorable positions in attractive global markets. LyondellBasell is positioning itself to be the company of choice for financial, environmental, social and governance (ESG) minded investors, customers and brand owners. The company is doing this by shaping its businesses to use plastic waste as a valuable source of carbon and creating products and sustainable solutions using circular and renewable materials to address demand.

The new LyondellBasell strategy focuses on growing sustainable value and encompasses three key elements:

• Growing and upgrading the core: Growth will be focused on businesses where LyondellBasell has leading positions in expanding and well-positioned markets.
• Building a profitable Circular & Low Carbon Solutions (CLCS) business: LyondellBasell expects CLCS to grow to at least $1 billion in incremental EBITDA by 2030 with attractive returns by leveraging the company’s existing strengths of scale, market access and technology leadership. 
• Stepping up performance and culture: The company will drive improved results by shifting from a singular focus on cost control to a more comprehensive view of value creation and  customer centricity.

The company’s strategy is enabled by a value enhancement program (VEP) that is expected to deliver at least $750 million of recurring annual EBITDA improvement by year-end 2025. The VEP expands capacity through low-cost debottlenecks and improved reliability, reduces costs and emissions by saving energy, and increases margins through improvements in procurement, logistics and customer service.

“Our products are an essential part of a safe, healthy and more sustainable living, and I am confident our new strategy will unlock the true potential of our company,” said Peter Vanacker, LyondellBasell CEO. “Our strategy is differentiated by our ability to effectively execute these three impactful elements all at once, driven by our passionate people and enabled by our technology leadership, our exceptional cash generation and strong balance sheet. We believe our core businesses have lasting advantages, and we will grow our advantage through highly focused and disciplined reinvestment. This will deliver strong profitable growth and deliver compelling returns to our shareholders.”

While the new strategy was announced today, LyondellBasell began taking action on its new strategy in 2022 by:

• acting decisively to exit the refining business and divest its Australian polypropylene business;
• improving customer focus by forming its Customer and Commercial Excellence team;
• establishing the CLCS leadership role and business;
• implementing and expanding its VEP; and
• taking significant steps forward in its journey to reduce greenhouse gas emissions.

While LyondellBasell intends to cease refining operations at its Houston Refinery, the company is evaluating future investments at the site. LyondellBasell is analyzing the potential to retrofit the refinery to build up its CLCS business, which will also keep jobs in the region and align with the company’s strategy to leverage existing assets that are strategically located within the LyondellBasell portfolio.

Today, LyondellBasell also announces the decision to explore strategic options for its U.S. Gulf Coast-based ethylene oxide & derivatives (EO&D) business. While the EO&D business provides positive cash generation, it is not a business where the company seeks a leading long-term position. This decision is another example of how the company’s new strategy has a laser focus on its core businesses.

With this new long-term direction, LyondellBasell aims to unlock value, increase earnings and continue providing strong returns for investors. LyondellBasell seeks to build businesses with enduring competitive advantages, sharpen its focus on leading positions, cement its position as the preferred supplier for customers, and establish the company as a profitable leader in the growing circular and low carbon solutions market.

https://lyondellbasell.mediaroom.com/index.php?s=43&item=1439

March 14, 2023

Univar Solutions Going Private

Univar Solutions to be Acquired by Apollo Funds for
$8.1 Billion

3/14/2023

Shareholders to Receive $36.15 Per Share in Cash

DOWNERS GROVE, Ill. and NEW YORK, March 14, 2023 /CNW/ — Univar Solutions Inc. (NYSE: UNVR) (“Univar
Solutions” or the “Company”) and Apollo (NYSE: APO) announced today that funds managed by affiliates of Apollo
(the “Apollo Funds”) have entered into a definitive merger agreement to acquire the Company in an all-cash
transaction that values the Company at an enterprise value of approximately $8.1 billion. The transaction includes a
minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”).

The agreement provides that Univar Solutions shareholders will receive
$36.15 per share in cash, which represents a 20.6% premium to the Company’s
undisturbed closing stock price on November 22, 2022. The transaction
consideration also represents a premium of 33.6% to the volume-weighted average price of Univar Solutions for the
30 trading days ending on November 22, 2022.

“We are pleased to have reached this agreement with Apollo, which will provide immediate and certain cash value
for Univar Solutions shareholders,” said Chris Pappas, chairman of the Univar Solutions Board of Directors (the
“Board”). “The Board’s decision follows a comprehensive review of value creation opportunities for Univar
Solutions. We are conêdent this transaction is the right path forward and achieves our goal of maximizing value for
Univar Solutions shareholders.”

David Jukes, president and chief executive officer of Univar Solutions, said, “Over the last three years, we have
transformed the Company, putting the customer at the center of all we do, which has solidified our position as a
leading value-added service and solution provider. This transaction reflects the success of our strategy and delivers
substantial value to our shareholders. It is a testament to the tireless efforts of my colleagues, whose commitment
to our purpose of helping keep our communities healthy, fed, clean, and safe has enabled our success.

In Apollo, we are pleased to gain a partner to support continued investment in our portfolio and I look forward to working
closely with their team as we grow Univar Solutions and serve our key suppliers and customers globally.”
Apollo Private Equity Partner Sam Feinstein said, “Univar is a global leader in specialty chemicals and ingredients
distribution, fueling a vast array of industries with innovative, safe and sustainable solutions. In recent years, David
and his team have made tremendous progress enhancing the customer experience, and we believe Univar can
accelerate its long-term strategy as an Apollo Fund portfolio company. We look forward to leveraging our extensive
experience in the sector to support management in this exciting next phase.”

Transaction Details

The merger agreement, which has been unanimously approved by the Univar Solutions Board of Directors,
provides that Univar Solutions shareholders will receive $36.15 in cash for each share of common stock they own.
The transaction will be enhanced with equity provided by the Apollo Funds, a minority equity investment from a
wholly owned subsidiary of ADIA and a committed debt ênancing package.

The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including
approval by Univar Solutions shareholders and receipt of regulatory approvals. The transaction is not subject to a
ênancing condition.

Upon completion of the transaction, shares of Univar Solutions common stock will no longer trade on the New York
Stock Exchange, and Univar Solutions will become a privately held company. Univar Solutions will continue to
operate under the Univar Solutions name and brand and maintain a global presence.

The foregoing description of the merger agreement and the transactions contemplated thereby is subject to, and is
qualified in its entirety by reference to, the full terms of the merger agreement, which Univar Solutions will file with
the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K.

https://investors.univarsolutions.com/news/default.aspx?utm_id=a9ff85b1-77b5-43f6-836a-1961c8ce7478&sfmc_activityid=622444bc-2204-4971-9feb-e4c8fca45b17

March 13, 2023

We Asked ChatGPT About Spray Foam

Per Chat GPT:

Polyurethane spray foam is a highly versatile and innovative insulation material that has been gaining popularity in recent years. Spray foam is made from a combination of polyol resin and isocyanate, which are mixed together at the time of application and sprayed onto a surface as a liquid. The liquid then expands and solidifies into a foam that provides excellent insulation properties.

One of the significant advantages of polyurethane spray foam is its ability to fill gaps and conform to irregular surfaces, providing a tight seal that reduces air leakage and improves energy efficiency. The foam also has a high R-value, which is a measure of its thermal resistance. This means that it can provide better insulation than traditional materials such as fiberglass or cellulose.

Another advantage of spray foam insulation is that it can help to improve indoor air quality. The foam provides an airtight seal that prevents the infiltration of allergens and pollutants from outside, reducing the risk of respiratory problems and allergies. Additionally, the foam is non-toxic and does not emit harmful chemicals into the air, making it a safe choice for homes and businesses.

Polyurethane spray foam is also a cost-effective insulation option in the long run. Although the initial cost of installation may be higher than other insulation materials, such as fiberglass, spray foam’s long lifespan and energy efficiency can lead to significant savings on energy bills over time. Additionally, spray foam requires minimal maintenance and can help to extend the lifespan of a building’s HVAC system by reducing the workload on heating and cooling equipment.

There are two types of spray foam insulation: open-cell and closed-cell. Open-cell foam is less dense and has a lower R-value than closed-cell foam, but it is more affordable and provides excellent sound insulation. Closed-cell foam, on the other hand, is denser and has a higher R-value, making it a better choice for areas with extreme temperatures or where space is limited.

In conclusion, polyurethane spray foam insulation is an innovative and versatile material that offers many benefits over traditional insulation options. It provides excellent energy efficiency, improved indoor air quality, and long-term cost savings. If you are considering upgrading your home or business’s insulation, spray foam may be an excellent choice for you.

March 13, 2023

The Great Metropolis

These Are The 15 Largest US Cities By GDP

by Tyler Durden

Sunday, Mar 12, 2023 – 07:45 PM

The United States has the largest GDP in the world in nominal terms, and urban areas are a major contributor to the country’s economic might. In fact, metropolitan areas account for roughly 90% of U.S. economic output.

In the infographic below, Visual Capitalist’s Avery Koop and Joyce Max rank the economic output of the top 15 U.S. cities from New York City to Minneapolis, using data from the U.S. Bureau of Economic Analysis. The data covers 2021, which is the most recent release from BEA.

It’s important to note that the data considers entire surrounding metropolitan areas, so as an example, New York City includes neighboring population centers such as Newark, NJ, as well as Jersey City⁠—reaching a GDP of nearly $2 trillion.

Measuring a city’s economy at the metro level can provide a more accurate representation of its economic activity. This is because the metropolitan areas include not only the central city but also the surrounding suburban and rural areas that are economically connected to it.

America’s Economic Hubs

There are some obvious winners when it comes to the largest U.S. cities by GDP, including NYC, Los Angeles, Dallas, and San Francisco.

In the table below, we’ve listed each of the 384 metropolitan areas out of the dataset all the way down to last place, Sebring-Avon Park, Florida, alongside respective ranks and GDP:

As the graphic above makes obvious, NYC’s GDP towers over the rest. The Big Apple is the nerve center for a number of high-impact industries, including finance and media.

Moving down the ranking, LA has a $1.1 trillion economy, followed by Chicago, with a GDP of just over $760 billion.

The Fastest Growing Cities

Although many of the top ranking cities are not surprising, there are a number of up-and-coming cities in the list. A report from the Kenan Institute, at the University of North Carolina’s Business School, reveals the fastest growing cities in the U.S. in terms of GDP growth year-over-year. Here’s a look at the top 10:

San Francisco, Seattle, and Dallas appear on both the overall GDP size and growth lists. Dallas’ economy is driven in large part by a growing healthcare industry. The city also continues to attract talent being home to large companies AT&T, CBRE Group, and Texas Instruments.

North Carolina is home to two of the fastest growing metropolitan areas, Raleigh-Durham and Charlotte. These cities may be ones to watch as they are becoming hubs of tech, research, and manufacturing. In fact, North Carolina was recently ranked as the most attractive U.S. state to do business in and both cities are among the fastest growing in terms of population.

The economic center of gravity within the U.S. could be shifting away from the traditional centers of power towards booming cities in the South and West of the United States. The Kenan Institute found that the recovery of hospitality and leisure sectors has helped destinations in these regions like New Orleans and Orlando. Additionally, the shift towards high-tech industry jobs, remote work, and cheaper housing have made these cities very attractive.

Of course, the sunny climate in these cities is an attractive selling point as well.

https://www.zerohedge.com/economics/these-are-15-largest-us-cities-gdp