Celanese Corporation, a global, hybrid chemical company, and Accsys Technologies PLC today announced that they have mutually agreed to amend the existing business arrangements so that each company will have a non-exclusive “at will” trading/supply relationship that will give both companies greater flexibility.
In March 2007, Celanese, Accsys Technologies, and its subsidiary Titan Wood, entered into a strategic partnership for application of Celanese’s core acetyl products in Accsys’ proprietary AccoyaTM wood production process. As part of the original agreement, Celanese also made a $29.5 million equity investment in Accsys Technologies. As part of the change in the business arrangement, Celanese will now be able to exit its ownership position via an orderly placement of its shares.
“We believe that a new arrangement between our two companies is necessary and timely,” said John J. Gallagher, III, president, Acetyls and Celanese Asia. “Our primary focus is to grow our acetyls business globally. With this new arrangement, we can still participate in the potential growth of wood acetylation applications. The exit of our ownership position will allow Accsys greater flexibility in regards to its capital structure.