On June 17, Mr. Allen Yu, Senior Vice President Asia Pacific Region at LyondellBasell [‘LYB’], visited Korea and held a town hall meeting with PolyMirae staff.
During the meeting, Allen Yu shared his personal deep connection with Korea and discussed LYB’s strategy and recent industry trends with the staff.
He elaborated on LYB’s 3 new Business Strategies, efforts and initiatives to realize these strategies:
1. Grow & Upgrade the Core (Business)
2. Build a Profitable Circular & Low Carbon Solution Business
3. Set Up Performance & Culture
Additionally, Allen Yu described the series of processes LYB has undertaken to formulate its new strategy and values, emphasizing that it was a valuable opportunity for LYB to look at ourselves and find where we want to be. Looking ahead to the next 10 years for LYB, he stated that the ultimate purpose of LYB is to help to create a better world through sustainable living.
Regarding future market conditions and outlook, he mentioned that the coming years will be very challenging. However, LYB continues to invest heavily in sustainability, beginning with the decarbonization of assets. Additionally, he emphasized LYB’s goal to become a leader in circular products.
He introduced the recently established joint ventures [’JV’] by LYB, emphasized the significant role JV plays in LYB’s Core Business, expressed gratitude and respect for the efforts and achievements of PolyMirae and UPP as well as their continuous innovation through their Value Enhancement Program [‘VEP’], and wished for PolyMirae's continued success through its differentiation strategy despite challenging market conditions.
During the town hall meeting, PolyMirae CEO Mitchell Killeen emphasized that LYB, as a leader in the technology business with a diverse technology portfolio, holds significant value, and while many limitations exist, he highlighted the need for efforts to better understand and share with each other, expressing his hope for collaboration and synergy between LYB and PolyMirae through sharing not only differentiated strategies and technologies but also manufacturing aspects.
![](http://www.polymirae.com/include/ckeditor/upload/1718843714.jpg) ![](http://www.polymirae.com/include/ckeditor/upload/1718843730.jpg) ![](http://www.polymirae.com/include/ckeditor/upload/1718843746.jpg) ![](http://www.polymirae.com/include/ckeditor/upload/1718843759.jpg)
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