By TT News| Jul 03, 2021

Celanese To Aquire Exxon's Santoprene Business For USD 1.15 Billion

Celanese Corporation, a chemical and speciality materials company, announced that it will acquire Exxon Mobil Corporation's Santoprene TPV elastomer business for USD1.15 Billion.

The company will be acquiring the intellectual property, production and commercial assets with acquiring the Santoprene, Dytron and Geolast product portfolios. It will have a total production capacity of a 190 kt across two production facilities in the US and UK. It employees about 350 employees. The transaction is expected to be carried out by the fourth quarter of 2021

Lori  Ryerkerk, Chairman and Chief Executive Officer, said, “With  the  acquisition  of  the  Santoprene  business,  we  are  further  expanding  the  unrivalled  portfolio of  engineered  solutions  we  bring  to  our  customers, this  transaction  represents  a  high-return  opportunity  to  drive  future  shareholder value  by  deploying  our  excess  cash  from  the  monetisation  of  our  passive  ownership  in  Polyplastics and  continued  strong  cash  generation  in  our  businesses. We  are  eager  to  welcome  the Santoprene  team  to  Celanese  and  look  forward  to  their  contributions  to  our  continued  growth  in Engineered  Materials.” (TT)

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