Celanese Corporation (NYSE:CE), a global, hybrid chemical company, and Accsys Technologies PLC today announced that they have mutually agreed to amend the existing business arrangements so that each company will have a non-exclusive “at will” trading/supply relationship that will give both companies greater flexibility. In March 2007, Celanese, Accsys Technologies, and its subsidiary Titan Wood, entered into a strategic partnership for application of Celanese’s core acetyl products in Accsys’ proprietary AccoyaTM wood production process. As part of the original agreement, Celanese also made a $29.5 million equity investment in Accsys Technologies. As part of the change in the business arrangement, Celanese will now be able to exit its ownership position via an orderly placement of its shares.
“We believe that a new arrangement between our two companies is necessary and timely,” said John J. Gallagher, III, president, Acetyls and Celanese Asia. “Our primary focus is to grow our acetyls business globally. With this new arrangement, we can still participate in the potential growth of wood acetylation applications. The exit of our ownership position will allow Accsys greater flexibility in regards to its capital structure.”
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 Relations
Mark
Oberle, 972-443-4464
Telefax: 972-332-9373
Mark.Oberle@celanese.com
or
Media
– U.S.
Jeremy Neuhart, 972-443-3750
Telefax:
972-443-8519
Jeremy.Neuhart@celanese.com
or
Media
- Europe
Jens Kurth, +49 69 305 7137
Telefax: +49 69 305
36787
J.Kurth@celanese.com
