ROTTERDAM, Netherlands, Sept. 4, 2012 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced that the company's stock was added to the Standard & Poor's 500 Index after the market closed Tuesday, Sept. 4, 2012.
"We are pleased to be recognized among the leaders in important industries within the U.S. economy," said Jim Gallogly, LyondellBasell CEO. "Our inclusion in the S&P 500 is a testament to our progress toward making LyondellBasell the top competitor in the chemical industry. We are well-positioned to benefit from the development of U.S. shale gas resources which provide access to low cost feedstocks. Our expansion projects to extend this advantage are progressing on schedule."
LyondellBasell was added to the S&P 500 GICS (Global Industry Classification Standard) Specialty Chemicals Sub-Industry index.
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock's weight in the index proportionate to its market value. According to Standard & Poor's, the "500" is one of the most widely used benchmarks of U.S. equity performance and is held broadly by U.S. and international index funds.
LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.
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SOURCE LyondellBasell