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12-01-2006: Celanese Corporation and its engineered polymers subsidiary, Ticona GmbH, have reached a settlement with the Frankfurt, Germany, Airport (Fraport AG) to relocate Ticona's Kelsterbach, Germany, business, resolving several years of legal disputes related to the planned Frankfurt airport expansion.
Over a five-year period, Fraport will pay Ticona a total of EUR650 million for the costs associated with the transition of the business from the current location and the closure of the Kelsterbach plant. The terms of the settlement shall allow Ticona adequate time and resources to select a site, build new production facilities and transition business activities within Germany to a new location by mid-2011. These activities are expected to be completed without interruption to customer supply.
The settlement is subject to the conclusion of final agreements and approval at Fraport's annual shareholders meeting in May 2007. Ticona is currently investigating potential sites for the future production location within Germany.
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