Posted in | Business

Celanese to Sell Polyvinyl Alcohol Business

Celanese Corporation (NYSE: CE), a leading global chemical company, today announced it has entered into an agreement to sell its polyvinyl alcohol (PVOH) business, which had 2008 annual sales of approximately $300 million, to Sekisui Chemical Co., Ltd. for a purchase price of approximately $173 million, excluding the value of accounts receivable and payable retained by Celanese. This transaction is expected to be completed by mid-year 2009.

"Celanese continues to execute our strategy to optimize our business portfolio where we have sustainable competitive advantages," said David Weidman, chairman and chief executive officer. "This transaction increases our flexibility and further focuses our leading, globally integrated acetyl chain to provide long-term shareholder value."

The transaction includes the facilities in Calvert City, Ky., Pasadena, Texas, one unit within the complex at Tarragona, Spain, and resources from the company's Houston Technology Center. In total, approximately 220 employees located at these operations, supported by personnel in administrative, technical and sales functions, will join Sekisui. In addition, the transaction includes long-term supply agreements between both companies.

Consummation of the transaction is subject to satisfaction of customary closing conditions including receipt of regulatory approvals.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Celanese Corporation. (2019, February 10). Celanese to Sell Polyvinyl Alcohol Business. AZoM. Retrieved on June 02, 2020 from https://www.azom.com/news.aspx?newsID=16746.

  • MLA

    Celanese Corporation. "Celanese to Sell Polyvinyl Alcohol Business". AZoM. 02 June 2020. <https://www.azom.com/news.aspx?newsID=16746>.

  • Chicago

    Celanese Corporation. "Celanese to Sell Polyvinyl Alcohol Business". AZoM. https://www.azom.com/news.aspx?newsID=16746. (accessed June 02, 2020).

  • Harvard

    Celanese Corporation. 2019. Celanese to Sell Polyvinyl Alcohol Business. AZoM, viewed 02 June 2020, https://www.azom.com/news.aspx?newsID=16746.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit