19-Jun-2017 - Celanese Corporation

Celanese and Blackstone to Form Joint Venture in Acetate Tow

Celanese Corporation and funds managed by Blackstone announced a definitive agreement to form a JV that will create a global acetate tow supplier. Celanese and Blackstone will own 70 percent and 30 percent of the JV, respectively.

Transaction Overview

Under the terms of the agreement, Celanese will contribute its Cellulose Derivatives business unit, including its equity interest in existing JVs with China National Tobacco Corporation, and Blackstone will contribute its Rhodia Acetow business unit, which it recently acquired from Solvay. The new company is expected to generate 2017 annual pro forma revenue of approximately $1.3 billion with around 2,400 employees. The JV will have an extended global footprint that includes eight wholly-owned manufacturing facilities and three existing JV sites.

The new company will be well positioned to meet customers’ current and evolving needs efficiently while providing the highest level of quality and service. The complementary nature of the tow businesses and a combination of technology expertise will result in synergies mainly from optimization of supply chain networks and procurement of raw materials, energy, equipment, and other services.

“This is an exciting opportunity for Celanese to partner with Blackstone in a way that creates significant value for all stakeholders. The combination of these tow assets will enhance our ability to serve customers more efficiently and reliably from a global production footprint while also creating growth opportunities for employees,” said Mark Rohr, chairman and chief executive officer of Celanese. “Celanese has delivered strong results in the last several years through differentiated business models. This transaction gives us the opportunity to partially monetize Cellulose Derivatives and reallocate significant capital to higher growth businesses within Celanese to accelerate our growth momentum.”

Lionel Assant, Head of Private Equity Europe at Blackstone, said: “The combination of these two companies provides an excellent opportunity to create a new, international business focused on innovation and growth to the benefit of its customers and employees. We are excited to work with Celanese on this strategic development.”/en/

Facts, background information, dossiers
  • Celanese
  • Rhodia
  • production
  • cellulose acetate
  • Blackstone
  • joint ventures
  • collaborations
More about Celanese
  • News

    Celanese appoints Verghese Thomas Chief Technology & Innovation Officer

    Celanese Corporation, a global technology and specialty materials company, announced it has appointed Dr. Verghese Thomas as Chief Technology & Innovation Officer. The appointment of Thomas, currently the company’s Global Technology & Innovation Director of the Celanese engineered materials ... more

    Celanese Announces Intent to Reduce Production Capacity at Its Lanaken, Belgium, Acetate Tow Plant

    Celanese Corporation proposed to employee representatives at the company’s Lanaken, Belgium, facility the reduction of acetate tow production capacity at the site by 50 percent.“This proposal results from ongoing changes in the global demand for acetate tow products, especially in Europe, w ... more

    Celanese Appoints Holmes Chief Marketing Officer

    Celanese Corporation announced the appointment of Dr. Peter Holmes to the position of Chief Marketing Officer, effective December 13. “We are pleased to welcome Dr. Holmes to Celanese where he will co-lead Celanese’s Office of Strategic Growth and bring his deep experience to our ongoing e ... more

  • Companies

    Celanese Chemicals Europe GmbH

    Celanese is a global technology and specialty materials company that engineers and manufactures a wide variety of products essential to everyday living. more

    Celanese Corporation

    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% ge ... more