Celanese and Oriental Yuhong Sign Strategic Cooperation Agreement to Promote Sustainable Development of Waterproofing Technologies

Thu, November 7 2019

DALLAS & SHANGHAI--(BUSINESS WIRE)-- Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, and Beijing Oriental Yuhong Waterproof Technology Co., Ltd., today announced they have signed a comprehensive strategic cooperation and development agreement. The agreement aims to further expand cooperation in product research and development, expansion into emerging markets, and the advancement of industry, safety and environmental protection practices and sustainability.

Key components of the strategic cooperation agreement include the sharing of information and practices in the use of emulsions for waterproofing applications. Additionally, the companies will evaluate where Celanese can develop new product applications for use in Oriental Yuhong’s waterproofing business. Furthermore, the companies will begin the sharing of product development information and engage in discussions around plant productivity and sustainability in order to drive cost savings and identify potential opportunities for improving production and operational sustainability. Finally, the companies are expected to evaluate potential new supply arrangements in the Asia-Pacific region.

“Celanese and Oriental Yuhong have been working together commercially for more than a decade in the area of emulsions and vinyl acetate chemistry and this strategic cooperation agreement is the next logical step in our business relationship,” said Florian Kohl, Celanese Vice President, VAM and Emulsions. “Celanese and Oriental Yuhong are committed to a collaborative agreement to advance the sustainable development of the waterproofing and emulsions industry with chemistry solutions that outperform competing technologies.”

“Oriental Yuhong has been working with Celanese for more than 10 years. Through our collaboration, both companies have achieved remarkable results in R&D and continuous business development,” said Xiang Jinming, Vice Chairman and Executive President, Beijing Oriental Yuhong Waterproof Technology. “This agreement marks the joint effort of the two companies in providing fast-rising technologies in the construction and coatings business and expanding into emerging markets. It also provides a gateway for promoting more eco-friendly solutions in the future. This agreement will fulfil our mission to create a more sustainable and safe environment and customers will, therefore, enjoy high-quality construction products and services. We look forward to continuing our partnership with Celanese, a world-renowned brand with strong innovation, research and technical development capabilities, to build a better world for everyone.”

Financial, contractual and commercial terms of this strategic cooperation and development agreement are not being disclosed at this time.

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. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2018 net sales of $7.2 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.

About Oriental Yuhong

Founded in 1995, Oriental Yuhong has been dedicated to providing high-quality and improved system solutions for the construction of thousands of important infrastructure projects, industrial buildings, civil and commercial buildings. It has grown into a leading service provider in the building material industry. Oriental Yuhong always pursues high-quality and stable development. It focuses on waterproofing services, and extends its business to upstream and downstream sectors as well as relevant industry chains. The company has formed strong building material service capabilities integrating building waterproofing, civil building materials, non-woven fabric, building coat, building repair, energy-saving and thermal insulation, special mortar, etc. The company has won many honors such as "National Quality Award" and "National Quality Benchmark" issued by Ministry of Industry and Information Technology.

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 expectations or that these beliefs 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. Certain of these risk factors 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: https://www.businesswire.com/news/home/20191107005873/en/

Celanese Contacts:

Investor Relations
Chuck Kyrish
+1 972 443 4574
chuck.kyrish@celanese.com

Media Relations – Global
W. Travis Jacobsen
+1 972 443 4400
william.jacobsen@celanese.com

Media Relations Europe (Germany)
Jens Kurth
+49(0)69 45009 1574
j.kurth@celanese.com

Oriental Yuhong Contact:

Brand Management
Guangzhi Zhang
Phone:
+86 134 2625 0105
010-58102212
Email:
zhanggz01@yuhong.com.cn

Source: Celanese Corporation