In 2025, 44 chemical industry giants underwent major streamlining: plant closures, asset sales, and layoffs

In May, AkzoNobel announced plans to close its production facilities in Wapenveld (Netherlands) and Machelen (Belgium), integrating production into other plants in the region. Earlier, it had already announced the closure of three production sites in Europe and Africa—Groote-Ammers (Netherlands), Cork (Ireland), and Lusaka (Zambia). In November, AkzoNobel and Axalta Coating Systems Ltd. reached a definitive agreement to merge, creating a global coatings company (AkzoNobel to hold 55% and Axalta 45%). In December, AkzoNobel completed the sale of its Indian subsidiary, AkzoNobel India Limited (ANIL), to India’s JSW Group. It also stated that it is selling its Pakistan business and expects further divestments. Notably, in September last year, AkzoNobel announced plans to cut approximately 2,000 jobs globally by the end of 2025. 38. SGL Carbon In May, SGL Carbon decided to close its Lavradio (Portugal) production site, which currently employs around 250 people and manufactures acrylic fibers and carbon fiber precursor. 39. Kraton Corporation On May 7, Kraton Corporation announced a strategic realignment of its business to sharpen focus on core capabilities and accelerate long-term growth. As part of this initiative, the company will exit its Dover, Ohio (USA) manufacturing facility and gradually discontinue its dimer and polyamide production lines. 40. H.B. Fuller In January, U.S.-based adhesive producer H.B. Fuller announced plans to close nearly one-third of its global factories—reducing its total number of plants from 82 to 55—and significantly cut its North American warehouse count—from 55 to 10. 41. Shell In March, Shell announced a restructuring of its global chemicals business, exploring strategic partnerships for its U.S. chemical portfolio and potentially closing part or all of its European chemicals operations. In April, Shell completed the sale of its Singapore Energy & Chemicals Park—including refining and chemical assets on Pulau Bukom and Jurong Island—to a joint venture formed by Glencore and Indonesian chemical manufacturer PT Chandra Asri Pacific. 42. TotalEnergies In April, TotalEnergies decided to permanently shut down an aging steam cracker unit at its Antwerp (Belgium) refinery and petrochemical complex by the end of 2027. The unit produces 550,000 tons/year of ethylene and 230,000 tons/year of propylene. The 253 affected employees may opt for retirement or internal reassignment within the Antwerp site. 43. ExxonMobil In May, ExxonMobil entered exclusive negotiations with the French subsidiary of Canadian energy group Atlantic Petroleum regarding the divestiture of its majority-owned French subsidiary, Esso France. In September, according to the Financial Times, ExxonMobil is seeking to sell its European chemical plants in the UK and Belgium, with the deal potentially valued up to $1 billion. ExxonMobil operates an ethylene plant in Fife, Scotland, and multiple production sites in Belgium. Reports indicate the company has also discussed outright closure of these facilities.

Shell’s acquisition of BP could become the largest merger transaction of the year

According to informed sources, Shell is engaged in preliminary negotiations to acquire rival British Petroleum (BP). If consummated, the deal would be the largest oil-sector transaction in a generation. Sources say discussions between representatives of the two companies are actively underway, and BP is carefully considering the acquisition proposal. Acquiring BP would place Shell on firmer footing to challenge larger competitors such as ExxonMobil and Chevron. This would mark a landmark merger between two so-called “supermajors”—multinational oil giants that dominate global production of the world’s most critical energy resources. However, sources caution that the potential terms of any deal remain unclear, and a merger is far from certain. One source added that talks have progressed slowly. BP’s current market capitalization stands at approximately $80 billion. Accounting for a likely premium, the transaction could become the largest oil-industry deal since the $83 billion merger that created ExxonMobil at the turn of the century—and would easily rank as the biggest merger-and-acquisition deal of the year so far, amid market turbulence driven by President Trump’s trade war and other geopolitical tensions. A Shell spokesperson stated: “As we’ve said repeatedly, we are fully focused on unlocking Shell’s value through sustained performance, discipline, and operational simplification.” A BP spokesperson declined to comment. Shell holds a position of relative strength in the negotiations, with its share price having significantly outperformed BP’s in recent years. Like BP, Shell is headquartered in the UK but operates globally, with a market capitalization exceeding $200 billion. BP has lagged behind its peers among major oil companies due to its aggressive pivot from fossil fuels to renewables, compounded by years of management turmoil and operational disasters. Elliott Investment Management, an activist investor holding over 5% of BP’s shares, has been pushing the energy company to enact change since at least February this year—highlighting BP’s vulnerability to takeover bids from competitors. Since then, BP has taken several steps to address investor concerns. Earlier this year, it announced plans to increase oil and gas output and drastically reduce clean-energy investments. BP is also attempting to sell its Castrol lubricants business and has indicated it may divest at least part of its solar subsidiary, Lightsource.

Shell- and Exxon-backed UK Chemicals Group Weighs $8 Billion Sale

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Infineum, a joint venture between Shell and ExxonMobil, is exploring an $8 billion sale to allow energy majors to refocus on core operations.

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Shell- and Exxon-backed UK Chemicals Group Weighs $8 Billion Sale

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