Celanese Completes Divestiture of Micromax® Business
Celanese Corporation (NYSE:CE), a global specialty materials and chemical company, today announced that it has completed the divestiture of the Micromax® business to Element Solutions Inc (NYSE:ESI). Celanese received approximately $500 million in cash from the transaction, and the proceeds will be deployed to support the Company's deleveraging efforts.
"We are pleased to have completed the divestiture of the Micromax business in a value-accretive way that strengthens our balance sheet," said Scott Richardson, President and Chief Executive Officer of Celanese. "This transaction represents our commitment to advancing our strategic priorities of cash generation and deleveraging, while enabling the Micromax team to continue building on its strong foundation as part of Element Solutions."
About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese Corporation is a Fortune 500 company that employs more than 11,000 employees worldwide with 2024 net sales of $10.3 billion.
Forward-Looking Statements
This release may contain "forward-looking statements," which include information concerning the company's plans, objectives, goals, strategies, future revenues, cash flow, deleveraging efforts, financial condition and other information that is not historical information. When used in this release, the words "expects," "anticipates," "plans," "intends," "believes," "will," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the company's control, could cause actual results to differ materially from those expressed as forward-looking statements. These factors include those that are discussed in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
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Celanese Contacts:
Investor Relations
Bill Cunningham
+1 972 443 4730
william.cunningham@celanese.com
Media Relations – Global
Jamaison Schuler
+1 972 443 4400
media@celanese.com
Media Relations Europe
Petra Czugler
+49 69 45009 1206
petra.czugler@celanese.com