LyondellBasell Eying Deeper Cost-Cutting | April 13, 2009 Issue - Vol. 87 Issue 15 | Chemical & Engineering News
Volume 87 Issue 15 | p. 19 | Concentrates
Issue Date: April 13, 2009

LyondellBasell Eying Deeper Cost-Cutting

Department: Business

LyondellBasell, which is under Chapter 11 bankruptcy protection, is targeting annual fixed-cost reductions of $700 million by the end of 2010. The company's original plan, when it was created by the merger of Lyondell and Basell at the end of 2007, was to make $200 million in cuts. The company now plans to slash 3,000 jobs, or 17% of its total workforce, and 2,000 contractor positions. It is also closing 20 offices and R&D sites and at least 10 plants, although LyondellBasell had previously disclosed most of those closures and at least some of the layoffs.

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