HOUSTON, Feb. 1, 2021 /PRNewswire/ -- LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world, today announced it has been named to FORTUNE Magazine's 2021 list of the "World's Most Admired Companies" for the fourth year in a row. The FORTUNE list recognizes companies with the strongest reputations across a variety of industry sectors.
"LyondellBasell employees around the world make this type of recognition possible. Being named to this prestigious list is a direct reflection of the quality of our team and their relentless focus on operating safely, responsibly and delivering on our commitments," said Bob Patel, CEO of LyondellBasell. "While 2020 challenged us in ways we did not expect, our team continued to deliver for our stakeholders."
In 2020, LyondellBasell advanced its business objectives by:
taking action to moderate capital expenditures, prioritize liquidity and maximize free cash flow amid challenging economic conditions;
advancing its strategy in Asia by launching new joint ventures in the growing Chinese market;
starting up its next generation Hyperzone high-density polyethylene plant in Houston, Texas and establishing a new manufacturing joint venture in Louisiana.
In addition, the company meaningfully advanced its sustainability approach by:
announcing its goal to produce and market two million metric tons of recycled and renewable-based polymers annually by 2030;
expanding the capacity of its European plastics recycling joint venture by over 20,000 tons per year;
successfully starting-up its proprietary MoReTec advanced recycling pilot plant in Ferrara, Italy. LyondellBasell's MoReTec technology aims to return post-consumer plastic waste to its molecular form for use as feedstock in new plastic materials.
joining the United Nations Global Compact, the world's largest corporate sustainability initiative; and,
receiving the American Chemistry Council's highest distinction, the Responsible Care® Company of the Year Award, which recognizes exceptional leadership in the area of health, safety and environment.
According to Korn Ferry who administers the survey for FORTUNE Magazine, the "World's Most Admired Companies" study surveys top executives and directors from eligible companies, along with financial analysts, to evaluate companies in the categories of:
Use of Corporate Assets
Quality of Management
Long-Term Investment Value
Quality of Products / Services
More information on FORTUNE's "World's Most Admired Companies" list can be found here.
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polypropylene compounds and the largest licensor of polyolefin technologies. In 2021, LyondellBasell was named to FORTUNE Magazine's list of the "World's Most Admired Companies" for the fourth consecutive year. More information about LyondellBasell can be found at www.lyondellbasell.com.
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SOURCE LyondellBasell Industries