Celanese Corporation announced that it has signed an agreement to sell its cycloolefine copolymer business (COC) to a joint venture of Daicel Chemical Industries Ltd. and Polyplastics Co., Ltd. As announced earlier, all production facilities and employees will be transferred to this joint venture, which will be headquartered in Germany. Daicel and Polyplastics will hold interests in the Joint Venture of 55% and 45% respectively.
Financial terms were not disclosed. Final conclusion of the deal is expected at the end of 2005, pending approval by regulatory authorities.
The COC business has approximately 100 employees at production and research facilities primarily in Oberhausen and Frankfurt, Germany, as well as in the USA. Celanese subsidiary Ticona markets COC under the brand name Topas®.