Celanese Announces Sale of its Atmospheric Emulsions Unit in Tarragona, Spain to IQOXE
Thu, December 3 2015
Company also announces closure of its VAE emulsions unit at Tarragona
site
DALLAS--(BUSINESS WIRE)--
Celanese Corporation (NYSE: CE), a global technology and specialty
materials company, today announced that it has successfully concluded
the sale of its atmospheric (vinyl and acrylics) emulsions unit in La
Canonja (Tarragona), Spain. Financial details of the transaction were
not disclosed.
IQOXE, a Tarragona-based petrochemical company specializing in the
production of ethylene oxide, glycols and ethylene oxide derivatives, is
acquiring the operation from Celanese of the 25,000mt nameplate
production capacity atmospheric emulsions unit with 29 employees. Under
a multi-year agreement, the buyer will produce certain emulsions
products for which Celanese will continue to remain the channel to
market for Mowilith® and Celvolit® atmospheric
emulsions.
Celanese launched the sale process for both its atmospheric and VAE
(vinyl acetate-ethylene) emulsions production units in Tarragona in
March 2015, with the intent to find a credible buyer for both
facilities. The sale intention was driven by a review of Celanese’s
overall corporate strategy, which also included an assessment of the
company’s global manufacturing facilities. In support of the company’s
emulsion polymers business, the manufacturing footprint strategy favors
integrated production sites that provide critical economies of scale.
Celanese placed great effort in identifying credible buyers that could
ensure sustainable operations, retain employees and meet the financial
criteria defined by the company to ensure successful future operations
for both emulsions units in Tarragona. However, no credible buyer was
found for the VAE emulsions production unit; therefore, Celanese also
announces today the closure of the VAE unit. The consultation process
has been concluded with local employee representatives to mitigate the
social impact of this closure on the impacted employees. Production at
the VAE unit ceased at the end of October.
Celanese will continue to supply its VAE emulsions customers from the
company’s European emulsions production network.
About Celanese
Celanese Corporation is a global technology leader in the production
of differentiated chemistry solutions and specialty materials used in
most major industries and consumer applications. With sales almost
equally divided between North America, Europe and Asia, the company uses
the full breadth of its global chemistry, technology and business
expertise to create value for customers and the corporation. Celanese
partners with customers to solve their most critical needs while making
a positive impact on its communities and the world. Based in Dallas,
Texas, Celanese employs approximately 7,500 employees worldwide and had
2014 net sales of $6.8 billion. For more information about Celanese
Corporation and its product offerings, visit www.celanese.com
or our blog at www.celaneseblog.com.
All registered trademarks are owned by Celanese International
Corporation or its affiliates.
Forward-Looking Statements
This release may contain “forward-looking statements,” which include
information concerning the company’s plans, objectives, goals,
strategies, future revenues or performance, capital expenditures,
financing needs and other information that is not historical
information. When used in this release, the words “outlook,” “forecast,”
“estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,”
“believes,” and variations of such words or similar expressions are
intended to identify forward-looking statements. All forward-looking
statements are based upon current expectations and beliefs and various
assumptions. There can be no assurance that the company will realize
these benefits or that these expectations will prove correct. There are
a number of risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements contained in this
release. Numerous factors, many of which are beyond the company’s
control, could cause actual results to differ materially from those
expressed as forward-looking statements. Other risk factors include
those that are discussed in the company’s filings with the Securities
and Exchange Commission. Any forward-looking statement speaks only as of
the date on which it is made, and the company undertakes no obligation
to update any forward-looking statements to reflect events or
circumstances after the date on which it is made or to reflect the
occurrence of anticipated or unanticipated events or circumstances.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151203006326/en/
Celanese
Investor Relations
Chuck Kyrish,
+1-972-443-4574
chuck.kyrish@celanese.com
or
Media
Relations – Global
W. Travis Jacobsen, +1-972-443-3750
william.jacobsen@celanese.com
or
Media
Relations Asia (Shanghai)
Helen Zhang, +86 21 3861 9279
lan.zhang@celanese.com
or
Media
Relations Europe (Germany)
Jens Kurth, +49(0)69 45009 1574
j.kurth@celanese.com
Source: Celanese Corporation