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Celanese Relocates Strategic Management of Acetyls Business to China, O'Dwyer Named President of Celanese Asia

Published on 2006-12-13. Author : SpecialChem

DALLAS -- Celanese Corporation (NYSE: CE), a global hybrid chemical company, announced steps to strengthen and grow its already strong position in Asia by relocating strategic management of the company's Acetyls business to Shanghai, China, as early as spring 2007. Responsibility for Acetyls' global business functions, as well as overall responsibility for Asia, will move to Shanghai from Dallas; regional sales, marketing and supply chain functions are expected to remain in the United States.

"This region has experienced tremendous growth in the past decade, and its projected rate of growth presents significant opportunities for Celanese businesses, particularly for our core acetyl products and derivatives," said President and Chief Executive Officer Dave Weidman. "Celanese today derives about 20 percent of company revenue and 30 percent of earnings from Asia. We expect to increase revenue generation from this region to more than 30 percent and earnings to grow to between 45 to 55 percent of the company total by 2010. With the construction of up to five facilities that extend beyond Acetyls, our integrated complex in Nanjing, China, alone is expected to generate between $600 and $700 million in revenue by 2010."

John O'Dwyer, president, Acetyls, will additionally serve as president, Celanese Asia, from the Shanghai office. He will be responsible for growing Celanese's business position for all segments in this high-growth region critical to successful execution of the company's strategy.

"By relocating our Acetyls business to China and selecting a tenured Celanese leader to oversee growth for all of Asia, we are demonstrating our commitment to take advantage of opportunities in this region and expand our global positions," Weidman said. "Celanese's future in Asia extends beyond our key positions in China, Singapore, Japan and Korea, and through this latest strategic action, we expect to capitalize on upward economic trends in the Asian emerging markets."

Acetyls' strategic leaders will immediately transfer roles to China over the next several months. Current Presidents of Celanese China, Josh Cheng, and Celanese Japan, Jiro Okada, will report to O'Dwyer and continue to focus on their respective businesses and regions, where Celanese has several decades of history, strong affiliates and significant company-owned projects.

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 $6.1 billion in 2005, with approximately 60% generated outside of North America.

Known for operational excellence and relentless 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 9,300 employees worldwide.

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. Certain of these risk factors 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.

Source: Celanese Corporation

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