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$1.575 billion! Celanese completed the sale of 45% of Polyplastics!

 Last Update: 2022-08-24
 Source: Internet
 Author: User

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On October 9, Celanese Corporation, a global chemicals and specialty materials company, announced that it had acquired a joint venture with Polyplastics for $1.
575 billion as originally announced on July 20.
45% stake sold to Daicel Corporation

With this transaction, Celanese is monetizing a historically passive investment and hopes to distribute the proceeds of the all-cash transaction into higher value creation opportunities

As stated in the July 20, 2020 announcement, Celanese has spent the past 10 years investing globally and rapidly growing its own engineered materials foundation business, independent of Polyplastics, and now has a wider footprint in Asia than when the company entered much bigger

"Celanese is well-positioned as we increase our investment in new product development to meet customer demand in growth areas and key regions," said Tom Kelly, Celanese's senior vice president of engineered materials

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