Celanese sales of Covion Shares to Avecia
"The sale of Covion is part of our strategy to develop technologies into business opportunities and to capture value for Celanese by either selling or integrating them into our own portfolio," explains Tore H. Land, CEO of Celanese Ventures.
Both parties have agreed not to disclose financial details of the transaction.
Celanese founded Celanese Ventures GmbH on October 1, 2000 with the objective of developing promising technologies and early-stage business opportunities which can not be pursued by the company's established businesses. In addition to Covion, Celanese Ventures currently encompasses development activities focused on high-temperature membrane electrode assemblies for fuel cells, metallocene catalysts, a biotechnology platform for innovative food ingredients as well as the production and marketing of specialty fiber materials. Avecia is a leading fine and specialty chemicals company with unique capabilities in organic chemistry, biological & polymer sciences and process technology. Formerly Zeneca Specialties, Avecia was created in June 1999. With about 4,800 employees, Avecia operates globally at 30 advanced research, technical service and manufacturing sites.
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