HOUSTON, Jan. 22, 2018 /PRNewswire/ -- Today, LyondellBasell (NYSE: LYB), one of the world's largest plastics, chemicals and refining companies, announced it has been named to Fortune Magazine's 2018 list of the "World's Most Admired Companies" for 2018. This is a first-time achievement for the company.
"This is a tremendous and well-deserved honor for our 13,000 employees around the world who continue to deliver on the promise of making LyondellBasell the best operated, most valued company in our industry," said Bob Patel, CEO of LyondellBasell. "While we are certainly proud of all that has been accomplished, our focus remains on executing the strategy that will make us even more competitive in the future."
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 identify the organizations that enjoy the strongest reputations within their own industries and across industries. Survey respondents are asked to evaluate companies in the categories of:
- Ability to attract and retain talented people
- Quality of management
- Social responsibility to the community and the environment
- Quality of products or services
- Wise use of corporate assets
- Financial soundness
- Long-term investment value
- Effectiveness in doing business globally
In December, LyondellBasell commemorated the 10-year anniversary of the merger between Basell AF and Lyondell Chemical Company. Since the merger, LyondellBasell has:
- established a reputation as one of the safest, most reliable operators in the industry;
- more than doubled in enterprise value;
- increased its dividend nine times since 2011 and returned nearly $28 billion to shareholders in dividends and share buybacks;
- been granted more than 5,000 patents worldwide;
- invested billions to expand the capacity of plants across the globe, including a 20 percent increase in U.S. ethylene capacity since 2012;
- announced new innovations and growth projects, including the construction of the new Hyperzone Polyethylene (PE) plant and the world's largest Propylene Oxide/Tertiary Butyl Alcohol plant in Texas; and,
- expanded into new markets, including India and China; and, new product lines, including recycled plastics.
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 13,000 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, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies. In 2018, LyondellBasell was named one of the "World's Most Admired Companies" by Fortune Magazine. More information about LyondellBasell can be found at www.lyondellbasell.com.
The statements in this release and the related teleconference relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities and operating rates; our ability to achieve expected cost savings and other synergies; our ability to successfully execute projects and growth strategies; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and service our debt. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2016, which can be found at www.lyondellbasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov.