Chemicals and specialty materials firm Celanese wrapped up the $1.5 billion sale of its 45% equity in the joint venture Polyplastics to Diacel Corporation, the company announced in a recent release.
The company established its footprint in Asia through the Polyplastics joint venture over five decades ago. During the last 10 years, Celanese has invested in growing its internal Engineered Materials base business globally, including Asia.
“The sale of Polyplastics is an intentional departure from a legacy relationship to a more contemporary approach to independently drive future growth, advance application development with customers, and pursue high-return expansion opportunities for the benefit of Celanese and its customers,” the company said in a release.
Plans for the transaction were first announced on July 20. Following the close of the deal, Celanese will use the funds to fuel organic growth.
“Celanese is well-positioned to continue its growth trajectory as we increase investment into new product development to serve customer demand in growth segments and key georgraphies,” said Tom Kelly, senior vice president, Engineered Materials for Celanese, in a statement “We will continue to invest in product expansion to serve the growing demand in applications such as 5G, advanced mobility, medical/pharma, and sustainable materials. Celanese also plans to expand its manufacturing capacity