Celanese Corporation (NYSE: CE), a leading, global chemical company, today announced the acquisition of the long-fiber reinforced thermoplastics (LFT) business of FACT GmbH (Future Advanced Composites Technology) of Kaiserslautern, Germany, a business unit of The Ravago Group.
"Celanese continues to execute our strategy to build advantaged positions through strategic uses of cash for high-return projects to grow our business where we have sustainable advantages".
Completion of the change of ownership will occur on December 31, 2009. Financial details of the transaction were not disclosed.
FACT is a leading producer of long-fiber reinforced thermoplastics (LFT) used in injection moulding, extrusion, compression moulding and blow moulding applications.
"Celanese continues to execute our strategy to build advantaged positions through strategic uses of cash for high-return projects to grow our business where we have sustainable advantages," said David Weidman, chairman and chief executive officer, Celanese.
The acquisition will support Celanese's Advanced Engineered Materials business segment, specifically Ticona Engineering Polymers, by building upon Ticona's LFT process technology and broadening specific product offerings to improve the capability to grow with its customers through a new production site in Kaiserslautern.
"This acquisition will grow the company's Celstran product line, expand industry coverage, and combine development capabilities of both companies to serve increasingly demanding customer and segment expectations in the automotive industry and in general industrial applications," concluded Roeland Polet, vice president, Ticona.