Celanese Corporation (NYSE: CE), a global hybrid chemical company, this week celebrated significant events in Asia, marking the company’s historical presence in China and Singapore, as well as its commitment to growth in the region.
Early in the week, Celanese executives joined local officials, customers, suppliers and employees to celebrate the tenth anniversary of its Singapore operations, where Celanese manufactures acetyl products such as acetic acid and vinyl acetate monomer for the broader Asia region. The world-class facility represents the core of the company’s chemical manufacturing start in Asia and will continue to be a strategic resource for future growth.
“As we look to the future, Celanese sees growth in Asia as a central component of our overall strategy to add value to our company,” said John Gallagher, president, Acetyls and Celanese Asia. “Our Singapore facility is well positioned to support Celanese’s growth in all of Asia – not just in China.”
Also during the week, the company celebrated its 20-year-old acetate joint venture at Nantong Cellulose Fibers Company. The joint venture has grown to include other manufacturing sites in Kunming, Zhuhai and Bazhou. As the first Celanese entry into the China market, the joint venture represents the significant and successful foundation for the company’s current and future expansion in China.
On Wednesday, September 19, Celanese formally inaugurated its integrated chemical complex in Nanjing, China, with ceremonies at the complex that included company executives, employees, Chinese government leaders and local dignitaries. The complex, which incorporates six plants with Celanese’s leading technologies and environmental and safety standards, marks a major milestone for Celanese’s operations in China and Asia.
Celanese’s complex, located at the Nanjing Chemical Industrial Park, brings world-class scale to one site for the production of acetic acid, vinyl acetate monomer, acetic anhydride, emulsions, Celstran® long fiber-reinforced thermoplastic (LFRT) and GUR® ultra-high molecular weight polyethylene (UHMW-PE).
“The chemical complex in Nanjing, our largest integrated chemical complex in the world, underscores our long-term commitment to investing in the Asia market and China in particular,” said David Weidman, chairman and CEO. “China is a very important market for Celanese. It is a key link in our global business strategy and a significant contributor to our growth and development. Over the next several years, we expect to derive about 30 percent of revenue and 50 percent of total company profitability from Asia.”
About the Nanjing Integrated Chemical Complex
The Nanjing complex will further enhance Celanese’s capabilities to better meet the growing needs of its customers in a number of industries across Asia. The acetic acid facility has been running at full production rates since June 2007 and production of vinyl acetate emulsions is set to commence in October. Operations for the four other plants will begin throughout 2008.
“We are very excited to bring our latest technology and international best practices to this complex, which will enable our new plants to enjoy low energy requirements as well as low environmental impact,” Weidman said. “We will implement the same global high standards for environment, health and safety (EHS) here as we do in other parts of the world. We are pleased to contribute to the sustainable development of China.”
The acetic acid plant in Nanjing uses world-leading technology and is the largest train manufacturing unit of acetic acid in China, with annual capacity of 600,000 metric tons – which can be upgraded to 1,200,000 metric tons if market demand continues to grow.
The emulsions plant features a state-of-the-art pressure reactor to make vinyl acetate ethylene (VAE) emulsions as well as a conventional reactor for the production of homo- and co-polymers of vinyl acetate and acrylic emulsions. The products will be integral in the manufacture of high-performance adhesives, high-tech glass fiber and cutting-edge low VOC / low odor paint. This new plant in Nanjing is the tenth emulsions facility in the Celanese global network.
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.
Contacts:
Investor Contact:
Mark Oberle,
972-443-4464
Telefax: 972-332-9373
Mark.Oberle@celanese.com
or
Media
Contact:
Jeremy Neuhart, 972-443-3750
Telefax: 972-443-8519
Jeremy.Neuhart@celanese.com
