LyondellBasell Industries (LYB) and Covestro said Tuesday that they have decided to close the Propylene Oxide Styrene and Monomer production unit, or PO11, of their Maasvlakte joint venture in the Netherlands.

The companies said the closure is due to continued pressure on Maasvlakte's profitability as a result of global overcapacity, increased imports from Asia, and higher production costs in Europe.

LyondellBasell will shut down the plant and prepare for demolition between now and the end of next year, the companies said.

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