Celanese and Degussa intend to form joint venture in oxo chemicals
Celanese AG, Kronberg, and Degussa AG, Duesseldorf, announced today they have signed a letter of intent to set up a 50/50 joint venture for their respective European oxo chemicals businesses. Pending approval by the Boards and the regulatory authorities, the companies plan to combine Celanese's C-3 based oxo activities in Oberhausen with those of Degussa's subsidiary Oxeno in Marl.
"With the proposed joint venture, we have found a solution for a difficult business which will allow us to exploit synergies and increase our competitiveness, thus contributing to the long-term success of this business," said David Weidman, Chief Operating Officer (COO) of Celanese AG.
Dr. Alfred Oberholz, member of Degussa's Board of Management, said: "The joint venture creates the necessary conditions for the promising development of these activities."
On a pro forma basis, the joint venture would have generated sales of approximately EUR 410 million with around 240 employees in 2001. With the creation of the joint venture, both partners will deconsolidate their C-3 oxo businesses. Oxo chemicals are mainly found in chemical intermediates, solvents and softening agents.
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