Acetex Chimie, a subsidiary of Celanese Corporation (NYSE:CE), a leading, global chemical company, today announced it has completed the consultation procedure with the workers council on the Acetex Chimie "Project of Closure" and social plan, initiated on March 23, 2009, whereby the company announced its formal intent to cease all manufacturing operations and associated activities of Acetex Chimie.
Acetex Chimie has agreed with the workers council on a set of measures of assistance aimed at minimizing the effects of the plant's closing on the Acetex Chimie workforce, including notably training, outplacement and severance.
As a result of the Pardies Project of Closure, Celanese expects to record exit cost expenses of approximately US$90-100 million primarily in the second half of 2009. These expenses will be excluded from the company's adjusted earnings per share and operating EBITDA performance measures. Cash outflows will occur over a two-year period.
The social plan notes that all acetic acid and vinyl acetate monomer production operations at the Pardies, France, site are expected to cease by December 2009.