Celanese Completes sale of Oxo products and derivatives businesses
18 Jun 2007
Celanese Corporation (NYSE:CE), a global hybrid chemical company, today announced that it completed the sale of its oxo products and derivatives businesses, including European Oxo GmbH ("EOXO"), a joint venture between Celanese AG and Degussa AG, to Advent International, for the purchase price of EUR€480 million, which is approximately USD $630 million at current exchange rates. The transaction excludes limited business activity in Turkey , which remains subject to customary regulatory review. Celanese announced its agreement to sell these businesses in December 2006.
"This sale is consistent with Celanese''s strategy to divest non-core businesses and to increase focus on our core acetyl chain and downstream specialty businesses," said David Weidman, chairman and chief executive officer. "We are transforming Celanese into an attractive, integrated hybrid portfolio of leading global businesses positioned to increase value and deliver sustainable growth."
The sale includes oxo and derivatives businesses at Celanese''s Oberhausen, Germany, and Bay City, Texas, facilities as well as portions of its Bishop, Texas, facility. The sale also includes EOXO''s facilities within the Oberhausen and Marl , Germany , plants, and the 50 percent interest in the EOXO joint venture previously owned by Degussa.
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 $6.7 billion in 2006, with over 60 per cent generated outside of North America .
