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Celanese Establishes Holding Company in China

Published on 2005-02-03. Author : SpecialChem

SHANGHAI -- Celanese announced the establishment of Celanese (China) Holding Co., Ltd., which has been awarded a business license by the Shanghai Administration for Industry and Commerce. The holding company incorporates all of Celanese's consolidated China operations and will manage future investments in the China region.

"This announcement, along with several recent developments in Celanese businesses, is consistent with our commitment to China," said George McGinn, Celanese President, China Region.

Celanese is in the process of building a world-class, 600,000 metric ton acetic acid production facility at the Nanjing Chemical Industry Park, Nanjing City. The construction of the facility is funded by equity and bank financing which has been secured from the Bank of China. Acetic acid is a basic chemical that becomes part of paints, adhesives, plastic bottles, foods, construction materials and hundreds of other products that will play a role in the an expanding Chinese economy.

Celanese has been doing business in China since the 1960s and began to establish joint ventures in China in the 1980s. It has long-standing ventures in cellulose acetate and has recently established a new polyacetal engineering plastics joint venture site in Nantong. In addition, Celanese operates a trading company in Shanghai and offices throughout China.

Celanese (China) Holding Co., Ltd. is a subsidiary of Celanese Corporation. Celanese Corporation is controlled by a group of investment funds, which are advised by The Blackstone Group, a leading global investment firm.

Celanese holds worldwide leading positions in its key products and world-class process technology. The Celanese portfolio consists of four main businesses: Chemical Products, Acetate Products, Technical Polymers Ticona and Performance Products. Celanese, which generated net sales of $4.6 billion in 2003, has 24 production plants and six research centers in 10 countries mainly in North America, Europe and Asia.

Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company.

Source: Celanese


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