MOSCOW (MRC) -- Celanese Corporation, a global technology and specialty materials company, announced that it has successfully concluded the sale of its atmospheric (vinyl and acrylics) emulsions unit in La Canonja (Tarragona), Spain, as per company's press release.
Financial details of the transaction were not disclosed.
IQOXE, a Tarragona-based petrochemical company specializing in the production of ethylene oxide, glycols and ethylene oxide derivatives, is acquiring the operation from Celanese of the 25,000mt nameplate production capacity atmospheric emulsions unit with 29 employees. Under a multi-year agreement, the buyer will produce certain emulsions products for which Celanese will continue to remain the channel to market for Mowilith and Celvolit atmospheric emulsions.
Celanese launched the sale process for both its atmospheric and VAE (vinyl acetate-ethylene) emulsions production units in Tarragona in March 2015, with the intent to find a credible buyer for both facilities. The sale intention was driven by a review of Celanese’s overall corporate strategy, which also included an assessment of the company’s global manufacturing facilities. In support of the company’s emulsion polymers business, the manufacturing footprint strategy favors integrated production sites that provide critical economies of scale.
As MRC informed earlier, Celanese will proceed with permanently reducing capacity by 50% at its acetate tow production facility in Lanaken, Belgium, as previously proposed. This decision results from continuing declines in the global demand for acetate tow products, especially in Europe, according to company officials.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Texas, Celanese employs approximately 7,500 employees worldwide and had 2014 net sales of USD6.8 billion.