LyondellBasell to sell ethylene oxide & derivatives business to Ineos Oxide for $700 million

Chemicals company LyondellBasell Industries N.V.
LYB,
-0.27%
said Friday it has entered an agreement to sell its ethylene oxide & derivatives business to Ineos Oxide for $700 million. The deal is expected to close in the second quarter and includes a production facility located in Bayport, Texas. The close will come after the completion of planned maintenance at the facility. Lyondell’s stock has gained 11% in the year to date, while the S&P 500
SPX,
+0.80%
has gained 19.4%.