Celanese Completes Sale of Oxo Products and Derivatives Businesses
Celanese Corporation announced that it completed the sale of its oxo products and derivatives businesses, including European Oxo GmbH ("EOXO"), a joint venture between Celanese AG and Degussa AG, to Advent International, for the purchase price of EUREUR480 million, which is approximately USD $630 million at current exchange rates. The transaction excludes limited business activity in Turkey, which remains subject to customary regulatory review.
The sale includes oxo and derivatives businesses at Celanese's Oberhausen, Germany, and Bay City, Texas, facilities as well as portions of its Bishop, Texas, facility. The sale also includes EOXO's facilities within the Oberhausen and Marl, Germany, plants, and the 50 percent interest in the EOXO joint venture previously owned by Degussa.
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