Celanese Corporation (NYSE:CE), a global, hybrid chemical company, today announced that it has entered into a strategic partnership with Accsys Technologies PLC, and its subsidiary Titan Wood, for application of Celanese’s core acetyl products in Accsys’ proprietary AccoyaTM wood production process.
Celanese, a leading global producer of acetic acid and acetic anhydride, will become the exclusive supplier of acetyl products to Titan Wood’s technology licensees for use in wood acetylation. Celanese will also make an equity investment of approximately USD $29.5 million in Accsys Technologies (London Stock Exchange AiM: AXS).
“Celanese is committed to growth and innovation, and this strategic partnership is an exciting area for us to apply our core products in an innovative application that can be deployed anywhere in the world,” said John O’Dwyer, president, Celanese Acetyls and Celanese Asia. “We view this as a solution to bring Celanese’s intermediate chemical products into more consumer applications. This innovative process also offers the global market more environmentally sustainable building materials.”
About Wood Acetylation
Wood Acetylation is a process that increases the amount of ‘acetyl’ molecules in wood, thereby changing its physical properties. The process protects wood from rot by making it “inedible” to most micro-organisms and insects, without – unlike conventional treatments – making it toxic. It also greatly reduces the wood’s tendency to swell and shrink, making it less prone to cracking and ensuring that when painted it requires dramatically reduced maintenance.
Acetylated wood increases hardness and does not compromise wood strength or natural beauty, allowing for applications in consumer and industrial applications such as bridge construction, home deck construction and outdoor furniture.
About Titan Wood Limited
Titan Wood Limited (www.titanwood.com) is a wholly owned subsidiary of the Accsys Technologies PLC (www.accsysplc.com) group of companies. Accsys Technologies PLC is listed on the London Stock Exchange AiM market under the symbol ‘AXS’.
About Accoya
Accoya™ wood (www.accoya.info) is produced using a patented process that effectively converts sustainably grown softwoods and non-durable hardwoods into what is best described as a ‘new wood species’. Distinguished by its durability, dimensional stability and, perhaps most importantly of all, its reliability (in terms of consistency of both supply and quality), Accoya™ wood is particularly suited to exterior applications where performance and appearance are valued. Unlike most tropical and European hardwoods, its colour does not degrade when exposed to ultraviolet light. Moreover, the Accoya™ wood production process does not compromise the wood’s strength or machinability. The combination of UV resistance, dimensional stability, durability and retained strength means that Accoya™ wood offers a wealth of new opportunities to architects, designers and specifiers. For marine uses where weight is also important, Accoya™ wood for the first time provides boat builders with a wood that is strong, lightweight, durable and which retains its natural beauty for far longer.
ACCOYA is a registered trademark owned by Titan Wood Limited
As a global leader in the chemicals industry, Celanese Corporation makes products essential to everyday living. Our products, found in consumer and industrial applications, are manufactured in North America, Europe and Asia. Net sales totaled $6.7 billion in 2006, with approximately 60% generated outside of North America. Known for operational excellence and execution of its business strategies, Celanese delivers value to customers around the globe with innovations and best-in-class technologies. Based in Dallas, Texas, the company employs approximately 8,900 employees worldwide. For more information on Celanese Corporation, please visit the company's website at www.celanese.com.
Forward-Looking Statements
This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information.When used in this release, the words “outlook,”“forecast,” “estimates,”“expects,” “anticipates,”“projects,” “plans,”“intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the company’s control, could cause actual results to differ materially from those expressed as forward-looking statements.Certain of these risk factors are discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
