ExxonMobil (NYSE:XOM) is reportedly weighing the sale of its chemical production facilities in the United Kingdom and Belgium, as the European chemical industry faces mounting challenges from U.S. trade tariffs and competitive pressures from China, according to the Financial Times on Thursday.
Sources familiar with the matter told the publication that the U.S. energy company has initiated early talks with advisers in recent weeks about potential divestments, which could be valued at around $1 billion.
The move comes as European chemical manufacturers navigate a difficult market environment, contending with both American trade measures and increased competition from Chinese producers.
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