Celanese AG buys polyvinyl alcohol business
6 Sep 2000
Celanese AG has signed an agreement to purchase the assets of the polyvinyl alcohol business of Air Products and Chemicals (APCI) for $326 million. The acquisition is subject to government approvals, which are expected by the end of September.
'With this acquisition, we are building on our strengths in acetyls chemistry, sustaining our market leadership in vinyl acetate, and complementing our strong portfolio of commodity chemicals with a more profitable and less cyclical product,' said Claudio Sonder, chief executive officer of Celanese AG. 'Polyvinyl alcohol is the natural extension to our acetyls value chain.'
Celanese is acquiring 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, have a combined capacity of about 90,000 metric tons per year, or 11 percent of the global industry capacity, and 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, acetate esters, acetic anhydride and acetaldehyde, all of which are produced by Celanese.
On the web, Celanese are at www.celanese.com
