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Celanese Corporation Forms Joint Venture with Tianjin Shield Fine Chemical Company Limited

Published on 2007-04-20. Author : SpecialChem

DALLAS, -- Celanese Corporation (NYSE: CE), a global hybrid chemical company, announced that its subsidiary, Celanese (China) Holding Co., Ltd. has signed an agreement to form a 50/50 joint venture with Hebei Shield Technology Co. Ltd., a subsidiary of Tianjin Shield Fine Chemical Company Limited, to manufacture, distribute and sell the vinyl ester of neodecanoic acid, a monomer used to enhance vinyl-based emulsions systems.

The joint venture will construct a plant in the New District Industrial Zone in Bazhou City, Hebei Province, China with an initial production capacity of 5,000 metric tons. Commercial production is expected to begin in late 2007 or early 2008. Celanese (Shanghai) International Trading Co., Ltd., a wholly owned subsidiary of Celanese Corporation, will be the exclusive, global agent for the venture.

"With this strategic venture, we will continue to drive growth and innovation opportunities for our leading acetyls franchise," said John O'Dwyer, president, Celanese Acetyls and Celanese Asia. "This venture is another example of Celanese's commitment to China and complements our other investments in the region. Customers will benefit from improved product availability and enhanced polymer system optionality."

The vinyl ester of neodecanoic acid is used as a co-monomer, along with vinyl acetate monomer, in the production of vinyl acetate-based polymer systems for a variety of applications, including interior and exterior coatings, adhesives and thermal insulation. This polymer system provides a cost-effective alternative to styrene and acrylic-based polymers and offers application properties such as: alkali, UV, scrub and chemical resistance; water repellency; and ease of application.

About Celanese:

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 over 60% generated outside of North America. Known for operational excellence and execution of its business strategies, Celanese delivers value to customers around the globe with innovations and best-in-class technologies. Based in Dallas, Texas, the company employs approximately 8,900 employees worldwide.

Forward-Looking Statements:

This release may contain "forward-looking statements," which include information concerning the Company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. When used in this release, the words "outlook," "forecast," "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed as forward-looking statements. Certain of these risk factors are discussed in the Company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Source: Celanese Corporation


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