DALLAS, July 1, 2009 -- Celanese Corp. (NYSE: CE), a leading, global chemical company, today announced it has completed the
sale of its polyvinyl alcohol (PVOH) business to Sekisui Chemical Co., Ltd. for the purchase price of
approximately US$173 million, excluding the value of accounts receivable and payable retained by Celanese.
Celanese announced its agreement to sell its PVOH business to Sekisui on April 27, 2009.
The
sale 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 250 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.
Based
in Osaka and Tokyo, Japan, Sekisui is a global company whose products include high performance plastics
and polymers, urban infrastructure and environmental products and housing materials, with annual sales
of approximately $10 billion and 18,000 employees.
About
Celanese
As a global leader in the chemicals industry,
Celanese Corporation makes products essential to everyday living. Our products, found in consumer and
industrial applications, are manufactured in North America, Europe and Asia. Net sales totaled $6.8
billion in 2008, with approximately 65% generated outside of North America. Known for operational excellence
and execution of its business strategies, Celanese delivers value to customers around the globe with
innovations and best-in-class technologies. Based in Dallas, Texas, the company employs approximately
8,000 employees worldwide. For more information on Celanese Corporation, please visit the company's
website at www.celanese.com.
Forward-Looking
Statements
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 expectations or that these beliefs 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. These factors include the inability to obtain regulatory approvals of the transaction and satisfy conditions
on the proposed terms and schedule and the possibility that the transaction does not close. 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.