Celanese completes sale of PVOH business to Japan's Sekisui Chemical

03-Jul-09

Celanese Corp. (US) announced it has completed the sale of its polyvinyl alcohol (PVOH) business to Japan's Sekisui Chemical Co., Ltd. for the purchase price of approximately US$173 mln , excluding the value of accounts receivable and payable retained by Celanese. Celanese announced its agreement to sell its PVOH business to Sekisui on April 27, 2009. Based in Osaka and Tokyo, Japan, Sekisui is a global company whose products include high performance plastics and polymers, urban infrastructure and environmental products and housing materials, with annual sales of approximately US$10 bln and 18,000 employees. The sale includes the facilities in Calvert City, Ky., Pasadena, Texas, one unit within the complex at Tarragona, Spain, and resources from the company's Houston Technology Center. In total, approximately 250 employees located at these operations, supported by personnel in administrative, technical and sales functions, will join Sekisui. In addition, the transaction includes long-term supply agreements between both companies.