Celanese signed contract with Daicel and Polyplastics on Sale of Topas® COC Business
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Dallas, December 9, 2005 (CE: NYSE): Celanese Corporation today announced that it has signed an agreement to sell its cycloolefin copolymer (COC) business to a joint venture of Daicel Chemical Industries Ltd. and Polyplastics Co., Ltd. As announced earlier, all production facilities and employees will be transferred to this joint venture, which will be headquartered in Germany. Daicel and Polyplastics will hold interests in the Joint Venture of 55% and 45% respectively.
Financial terms were not disclosed. Final conclusion of the deal is expected at the end of 2005, pending approval by regulatory authorities.
The COC business has approximately 100 employees at production and research facilities primarily in Oberhausen and Frankfurt, Germany, as well as in the USA.
Celanese subsidiary Ticona markets COC under the brand name Topas®.
Celanese Corporation (NYSE:CE) is an integrated global producer of value-added industrial chemicals based in Dallas, Texas. The Company has four major businesses Chemical Products, Technical Polymers Ticona, Acetate Products and Performance Products with production plants in North America, Europe and Asia. In 2004, Celanese Corporation and its predecessor had combined net sales of $5.1 billion. The presentation of combined net sales of Celanese Corporation with its predecessor is not in accordance with U.S. GAAP. For more information on Celanese Corporation including a reconciliation of the combined net sales, please visit the company's web site at www.celanese.com.
Daicel Chemical Industries, Ltd. Japan, is an integrated chemical producer, founded in 1919. The company is involved in the cellulose, organic chemical and synthetic resin businesses, while also developing new business based on those technologies. Daicel employed 2,400 workers and generated sales of 281,739 million Yen in the business year ending March 2004.
Polyplastics Co., Ltd., Japan, is a joint venture between Daicel Chemical Industries Ltd. and Ticona, holding interests of 55% and 45% respectively. The company is a leading Asian supplier of engineering polymers with annual consolidated sales in 2004 of 81.7 billion Yen and approximately 1,500 employees worldwide.
