Letter of Intent with Daicel and Polyplastics on Sale of Topas® - COC Business
Celanese Corporation has signed a letter of intent with Daicel Chemical Industries Ltd. and Polyplastics Co., Ltd. to sell its cycloolefine copolymer business (COC). As the company announced, Daicel and Polyplastics intend to form a joint venture in Germany to which all employees and production and research facilities will be transferred. Daicel and Polyplastics intend to hold interests in the Joint Venture of 55% and 45% respectively. Celanese subsidiary Ticona markets COC under the brand name Topas®.
Final conclusion of the deal is expected at the end of 2005, pending approval by the managements of the companies and regulatory authorities.
As part of its portfolio optimization strategy, Celanese decided in December 2004 to divest its COC business. The COC business has approximately 100 employees at production and research facilities primarily in Oberhausen and Frankfurt, Germany, as well as in the USA.
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