Celanese Announces Successful Startup of Polyacetal Facility of Ibn Sina Joint Venture
Tue, January 2 2018
DALLAS & JUBAIL INDUSTRIAL CITY, Saudi Arabia--(BUSINESS WIRE)--
Celanese Corporation (NYSE: CE), a global technology and specialty
materials company, today announced an update with respect to the Ibn
Sina joint venture and its construction of a 50,000 metric tonne
polyacetal manufacturing facility in Jubail Industrial City, Saudi
Arabia.
Celanese has confirmed that the facility has completed performance runs
for all polyacetal grades and achieved full production rates resulting
in the successful startup of the plant; therefore, the facility has been
officially declared commercially operational. As previously announced,
upon successful startup of the polyacetal facility, Celanese’s economic
interest in Ibn Sina will increase from 25 percent to a total of 32.5
percent, providing further financial benefits for Celanese.
Ibn Sina is a joint venture between SABIC and CTE, a company jointly
owned by subsidiaries of Celanese and Duke Energy. Celanese, SABIC and
Duke Energy entered into the Ibn Sina joint venture in 1981.
Construction of the polyacetal facility is part of an extension of the
Ibn Sina joint venture. Subsidiaries of Celanese and Duke Energy each
currently hold a 25 percent ownership interest in the joint venture,
with the remaining 50 percent held by SABIC.
The polyacetal facility will utilize methanol as feedstock which is
produced internally at Ibn Sina. Polyacetal is a differentiated, high
value-added product mainly used in automobile and electronics industries
in addition to mechanical and construction manufacturers and other
industrial applications.
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 two complementary
business cores, Acetyl Chain and Materials Solutions, use the full
breadth of Celanese’s global chemistry, technology and business
expertise to create value for our customers 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 7,500 employees worldwide and had 2016 net sales of $5.4
billion. For more information about Celanese and our 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 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.
These factors include the inability to obtain regulatory approvals of
the transaction and satisfy conditions on the proposed terms and
schedule and the possibility that the transaction does not close. 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/20180102005598/en/
Celanese
Investor Relations:
Surabhi Varshney,
+1 972-443-3078
surabhi.varshney@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
