Celanese AG Completes Acquisition of Air Products' Polyvinyl Alcohol Business
Celanese AG today announced that it has completed the acquisition of the polyvinyl alcohol business of Air Products and chemicals, Inc. for $326 million after having received the necessary governmental approvals. On September 5, Celanese announced it had signed an asset purchase agreement for this business with Air Products.
The new Polyvinyl Alcohol business will be part of the acetyl products segment of Celanese Chemicals. The Celanese AG Board of Management appointed Fred C. Chanslor to head the Polyvinyl Alcohol business. Chanslor joined Celanese in 1974 and most recently was responsible for mergers and acquisitions, as well as strategy development and implementation at Celanese Chemicals.
Celanese is acquiring the assets of the number one producer of polyvinyl alcohol in North America and the number two producer in the world. Its two plants in Pasadena, Texas, and Calvert City, Ky., employ approximately 200 people.
Celanese's acetyls chain starts with the manufacture of methanol, which is used to make acetic acid. Acetic acid is, in turn, a key raw material for vinyl acetate and many other acetyl products. Vinyl acetate is a major raw material for polyvinyl alcohol.
Celanese AG is a global chemicals company with leading positions in its key products and world class process technology. The Celanese portfolio consists of five main businesses; Acetyl Products, Intermediates, Acetate Products, Technical Polymers Ticona and Performance Products. The Performance Products business consists of OPP polypropylene films, sweeteners and food ingredients.
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