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Celanese Announces its Intent to Sell its European Acetic Anhydride & VAM Production Facilities

Published on 2013-06-04. Author : SpecialChem

DALLAS -- Celanese Corporation (NYSE:CE), a global technology and specialty materials company, recently announced its intent to launch a sale process of its acetic anhydride facility in Roussillon, France, and its vinyl acetate monomer (VAM) production unit in Tarragona, Spain. Celanese is committed to taking the appropriate time to find a credible buyer for both units, with the primary focus on industrial candidates.

Celanese is seeking buyers who can integrate these facilities into their own manufacturing organizations. To help achieve this objective, the Paris-based affiliate of JH Lillian & Co. Inc., will lead the sale process for both the Roussillon site and the Tarragona VAM unit. JH Lillian & Co., Inc. is an advisor specialized in the chemicals industry and with whom Celanese has successfully worked in the past.

The sale process for both facilities will be open to a broad range of candidates; however, the selection of the buyers will be based on specific criteria, including the ability of the buyers to ensure sustainable operations, retain employees and their ability to meet certain financial conditions.

These sale intentions in Roussillon and Tarragona are driven by a recently completed assessment of Celanese's overall corporate strategy, which included an assessment of the company's global manufacturing facilities. Specifically in support of the company's Acetyl Intermediates business, the manufacturing footprint strategy favors integrated production sites that provide critical economies of scale.

The Celanese Roussillon site produces acetic anhydride with an annual capacity of 34kt and has an employment base of 30 full time workers. The Celanese Tarragona VAM unit produces vinyl acetate monomer with an annual capacity of 200kt and employs 70 full time workers.

About Celanese

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 7,600 employees worldwide and had 2012 net sales of $6.4 billion.

Forward looking statements

This release contains "forward-looking statements" which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, and other information that is not historical information. When used in this release, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "may," "can," "could," "might," "will" 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, including sale of the two facilities. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct, including the potential sales of the facilities. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements contained in this release. These risks and uncertainties include, among other things: changes in general economic, business, political and regulatory conditions; changes in the price and availability of raw materials; the ability to obtain governmental approvals; unanticipated operational or commercial difficulties, including failure of facilities or processes to operate in accordance with specifications or expectations; the ability to achieve and maintain plant utilization; ability of third parties, including our commercial partners, suppliers or others, to comply with their commitments to us; compliance and other costs and potential disruption or interruption of production or operations due to labor relations, accidents, cyber security incidents, terrorism or political unrest or other unforeseen events or delays in operation of facilities, including the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters; potential liability for remedial actions and increased costs under existing or future environmental regulations, including those relating to climate change; potential liability resulting from pending or future litigation, or from changes in the laws, regulations or policies of governments or other governmental activities in the countries in which the company operate; changes in interest rates; and various other factors discussed from time to time 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.

Source: Celanese

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