LyondellBasell Sells Flavors and Fragrances Business to Pinova Holdings, Inc.

This divestiture is consistent with our objective to focus on developing our core businesses of olefins and polyolefins, intermediates and derivatives, and refining and oxyfuels.

12/29/2010 --- LyondellBasell announced that Pinova Holdings, Inc. has purchased LyondellBasell Flavors & Fragrances, LLC in a transaction which closed today.

"This divestiture is consistent with our objective to focus on developing our core businesses of olefins and polyolefins, intermediates and derivatives, and refining and oxyfuels," said LyondellBasell CEO Jim Gallogly. LyondellBasell said the transaction results in after-tax proceeds of approximately $150 million.

The flavors and fragrances business has manufacturing facilities at Jacksonville, Fla., and Brunswick, Ga., and approximately 200 employees. It produces terpene-based fragrance ingredients and flavor ingredients for the oral-care, confectionery and beverage market. Pinova Holdings said the newly acquired business will operate under the name Renessenz LLC.

Pinova Holdings is the parent company to Pinova, Inc., a global supplier of wood and gum rosin and polyterpene resin specialty chemicals derived from natural and renewable raw materials based in Brunswick, Ga.