Celanese Announces Sale of its Atmospheric Emulsions Unit in Tarragona, Spain to IQOXE
By Business Wire News
By Business Wire News
Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today announced that it has successfully concluded the sale of its atmospheric (vinyl and acrylics) emulsions unit in La Canonja (Tarragona), Spain. Financial details of the transaction were not disclosed.
IQOXE, a Tarragona-based petrochemical company specializing in the production of ethylene oxide, glycols and ethylene oxide derivatives, is acquiring the operation from Celanese of the 25,000mt nameplate production capacity atmospheric emulsions unit with 29 employees. Under a multi-year agreement, the buyer will produce certain emulsions products for which Celanese will continue to remain the channel to market for Mowilith® and Celvolit® atmospheric emulsions.
Celanese launched the sale process for both its atmospheric and VAE (vinyl acetate-ethylene) emulsions production units in Tarragona in March 2015, with the intent to find a credible buyer for both facilities. The sale intention was driven by a review of Celanese’s overall corporate strategy, which also included an assessment of the company’s global manufacturing facilities. In support of the company’s emulsion polymers business, the manufacturing footprint strategy favors integrated production sites that provide critical economies of scale.
Celanese placed great effort in identifying credible buyers that could ensure sustainable operations, retain employees and meet the financial criteria defined by the company to ensure successful future operations for both emulsions units in Tarragona. However, no credible buyer was found for the VAE emulsions production unit; therefore, Celanese also announces today the closure of the VAE unit. The consultation process has been concluded with local employee representatives to mitigate the social impact of this closure on the impacted employees. Production at the VAE unit ceased at the end of October.
Celanese will continue to supply its VAE emulsions customers from the company’s European emulsions production network.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. With sales almost equally divided between North America, Europe and Asia, the company uses the full breadth of its global chemistry, technology and business expertise to create value for customers and the corporation. Celanese partners with customers to solve their most critical needs while making a positive impact on its communities and the world. Based in Dallas, Texas, Celanese employs approximately 7,500 employees worldwide and had 2014 net sales of $6.8 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
All registered trademarks are owned by Celanese International Corporation or its affiliates.
This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Chuck Kyrish, +1-972-443-4574
Media Relations – Global
W. Travis Jacobsen, +1-972-443-3750
Media Relations Asia (Shanghai)
Helen Zhang, +86 21 3861 9279
Media Relations Europe (Germany)
Jens Kurth, +49(0)69 45009 1574