DALLAS & JUBAIL INDUSTRIAL CITY, SAUDI ARABIA--(BUSINESS WIRE)--
Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today announced an update with respect to the Ibn Sina joint venture and its construction of a 50,000 metric tonne polyacetal manufacturing facility in Jubail Industrial City, Saudi Arabia.
Celanese has confirmed that the facility is in the testing phase in preparation for commercial production expected in the third quarter of 2017. Upon successful startup of the polyacetal facility, Celanese’s economic interest in Ibn Sina will increase from 25 percent to a total of 32.5 percent, providing further financial benefits for Celanese.
Ibn Sina is a joint venture between SABIC and CTE, a company jointly owned by subsidiaries of Celanese and Duke Energy. Celanese, SABIC and Duke Energy entered into the Ibn Sina joint venture in 1981. Construction of the polyacetal facility is part of an extension of the Ibn Sina joint venture, which will run through the year 2032. Subsidiaries of Celanese and Duke Energy each currently hold a 25 percent interest in the venture, with the remaining 50 percent held by SABIC.
The polyacetal facility will utilize methanol as feedstock which is produced internally at Ibn Sina. Polyacetal is a differentiated, high value-added product mainly used in automobile and electronics industries in addition to mechanical and construction manufacturers and other industrial applications.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our two complementary business cores, Acetyl Chain and Materials Solutions, use the full breadth of Celanese's global chemistry, technology and business expertise to create value for our customers and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,300 employees worldwide and had 2016 net sales of $5.4 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
All registered trademarks are owned by Celanese International Corporation or its affiliates.
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. These factors include the inability to obtain regulatory approvals of the transaction and satisfy conditions on the proposed terms and schedule and the possibility that the transaction does not close. Other risk factors include those that 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.
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