On July 20, Celanese Corporation, a global chemical and specialty materials company, announced that it had reached a final agreement to sell its 45% stake in Polyplastics`s joint venture to Daicel for US$1.575 billion. Corporation). After the transaction is completed, Daicel will own 100% of Polyplastics.
Since 1964, Celanese and Daicel have established a joint venture, Celanese maintains a 45% stake and Daicel maintains a 55% stake. This joint venture called Polyplastics, headquartered in Japan, is a leading supplier of engineering materials including acetyl copolymer (POM), liquid crystal polymer (LCP) and polyphenylene sulfide (PPS) polymers), manufacturing Merchants and sellers.
Celanese Chairman and CEO Lori Ryerkerk said: "Celanese has been investing and rapidly developing our basic business in engineering materials on a global scale for the past 10 years."
"One of the advantages that makes Celanese unique is our ability to use our unique business model and flexible strategy to achieve sustainable growth, especially in the key markets served by our engineered materials business. We plan to use This opportunity to monetize historical passive investments and allocate a large amount of capital to high-growth businesses in Celanese. After establishing this joint venture with Daicel, we thank them for their cooperation and cooperation over the past 50 years. Together to bring innovative products to customers and consumers around the world."
Celanese's engineering materials business in Asia is currently much larger than it entered the region 50 years ago. The final agreement reached with Daicel is intended to shift from traditional relationships to modern methods, which will drive future growth and greater opportunities for customer development and expansion. Celanese will continue to compete with Polyplastics (Daicel) in markets and regions where product lines overlap.
Celanese Engineered Materials Senior Vice President Tom Kelly said: “As we increase investment in new product development to meet customer needs in growing market segments and major regions, Celanese’s engineered materials business will maintain good development. momentum."
“We will continue to invest in product expansion to meet the growing demand in applications such as 5G, advanced mobility, medical/pharmaceuticals and sustainable materials. Celanese also plans to expand its manufacturing capabilities in Asia and improve its T&I capabilities, To meet the rapidly growing demand in the region."