Celanese Corporation signs letter of intent

Citation

(2006), "Celanese Corporation signs letter of intent", Pigment & Resin Technology, Vol. 35 No. 2. https://doi.org/10.1108/prt.2006.12935bab.005

Celanese Corporation signs letter of intent

Celanese Corporation signs letter of intent

Celanese Corporation has signed a letter of intent with Daicel Chemical Industries Ltd. and Polyplastics Co., Ltd. to sell its cycloolefine copolymer business (COC). As the company has announced, Daicel and Polyplastics intend to form a joint venture in Germany to which all employees and production and research facilities will be transferred. Daicel and Polyplastics intend to hold interests in the Joint Venture of 55 and 45 per cent, respectively. Celanese subsidiary Ticona markets COC under the brand name Topas^®. Final conclusion of the deal is expected at the end of 2005, pending approval by the managements of the companies and regulatory authorities. As part of its portfolio optimization strategy, Celanese decided in December 2004 to divest its COC business. The COC business has approximately 100 employees at production and research facilities primarily in Oberhausen and Frankfurt, Germany, as well as in the USA. Celanese Corporation (NYSE:CE) is an integrated global producer of value-added industrial chemicals based in Dallas, Texas. The Company has four major businesses Chemical Products, Technical Polymers Ticona, Acetate Products and Performance Products with production plants in North America, Europe and Asia. In 2004, Celanese Corporation and its predecessor had combined net sales of $5.1 billion. The presentation of combined net sales of Celanese Corporation with its predecessor is not in accordance with US GAAP.

For more information on Celanese Corporation including a reconciliation of the combined net sales, please visit the company's web site at: www.celanese.com.