Lyondell and Millennium form third-largest chemical company

Lyondell Chemical Company and Millennium Chemcials Inc. have executed a stock-for-stock business combination of companies. The transaction will create North America’s third-largest independent publicly-traded chemical producer with combined 2003 revenues of more than $11 billion and market capitalization of nearly $4 billion.
The merger is subject to approval by both companies’ shareholders, and is expected to close in the third quarter of 2004. After the close of the transaction the company will be called Lyondell Chemical Company and will be based in Houston, TX.
Millennium is the second largest producer of titanium dioxide, and a major producer of zircon, silica gel and cadmium-based pigments. Lyondell is a leading producer of propylene oxide (PO) and PO derivatives, as well a styrene monomer.