Celanese Corporation (NYSE:CE), a global hybrid chemical company, and its engineering polymers business Ticona, announced investments in China this week that will continue to support customer growth and innovation in Asia.
At Chinaplas 2007, a leading industry trade show, Ticona announced its intention to create a Customer Application Development Center in Shanghai to support the growing use of its engineering polymers in China and throughout Asia in the automotive, appliance, electronic and other industrial and consumer markets.
On May 21, Ticona also held a ground breaking ceremony in Nanjing, China, for two new production plants: GUR® ultra-high molecular weight polyethylene (UHMW-PE) and Celstran® long fiber-reinforced thermoplastic (LFRT).
Both facilities are being constructed at the Nanjing Chemical Industrial Park, adjacent to the Celanese integrated complex. The Celstran facility is scheduled to be operational in the first half of 2008, and the GUR facility should be completed in the second half of 2008.
“Our plans for the Customer Application Development Center and the start of construction on our GUR and Celstran plants confirm our long-term commitment to China,” said Lyndon Cole, president of Ticona. “We want to ensure that our technical and application development in Asia is as strong, and all encompassing, as the support we now provide to our customers in Europe and the Americas.”
“Asia is a region of critical importance for Celanese and Ticona,” Cole said. “As an area of tremendous economic growth, we intend to serve our customers with local manufacturing and support.”
Today, Celanese Corporation derives approximately 20 to 25 percent of its revenue from the Asia region. By 2010, the company expects to generate 25 to 35 percent of revenue - and approximately 45 to 55 percent of profitability - from the Asia region. The company has announced plans to construct six new units in China by 2010, significantly expanding its revenue base in the region as it moves product manufacturing closer to its customer base.
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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.
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