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.