Celanese Completes the Formation of Nutrinova, a Food Ingredients Joint Venture with Mitsui
27 Septiembre 2023 - 3:15PM
Business Wire
Celanese Corporation (NYSE: CE), a global chemical and specialty
materials company, today announced that its previously announced
formation of Nutrinova, a Food Ingredients joint venture (JV) with
Mitsui & Co., Ltd., is complete. Celanese contributed the
assets, technology and employees of its Food Ingredients business
while retaining a 30 percent stake in the JV. Mitsui acquired the
remaining 70 percent stake at a purchase price of $472.5 million,
representing an enterprise valuation of approximately 15 times 2022
EBITDA.
“We are pleased to have monetized a majority of the Food
Ingredients business in a value accretive way and also maintained
the demand benefits of raw material integration with the Acetyl
Chain,” said Lori Ryerkerk, chairman and chief executive officer.
“We will immediately deploy transaction proceeds in the third
quarter to execute against our deleveraging plan and are on pace to
meaningfully exceed the full year objective to reduce net debt by
$1 billion in 2023.”
About Celanese
Celanese Corporation is a global chemical leader in the
production of differentiated chemistry solutions and specialty
materials used in most major industries and consumer applications.
Our businesses use the full breadth of Celanese's global chemistry,
technology and commercial expertise to create value for our
customers, employees, shareholders and the corporation. As we
partner with our customers to solve their most critical business
needs, we strive to make a positive impact on our communities and
the world through The Celanese Foundation. Based in Dallas,
Celanese employs approximately 13,000 employees worldwide and had
2022 net sales of $9.7 billion. For more information about Celanese
Corporation and its product offerings, visit www.celanese.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230927630047/en/
Investor Relations Brandon Ayache +1 972 443 8509
brandon.ayache@celanese.com
Media Relations – Global Brian Bianco +1 972 443 4400
media@celanese.com
Media Relations Europe (Germany) Petra Czugler +49 69
45009 1206 petra.czugler@celanese.com
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