Industry News

European Commission Grants Unconditional Approval for Celanese Acquisition of Acetex

Published on 2005-07-18. Author : SpecialChem

VANCOUVER,BC,Canada -- Acetex Corporation (TSX: ATX) announced that the European Commission ("EC") has granted Celanese Corporation unconditional approval of the acquisition of Acetex. As all necessary regulatory permissions have now been given and, as Acetex shareholders approved the transaction on January 12, 2005, Celanese expects to close the transaction on or about July 20, 2005.

Acetex Corporation has two primary businesses - its European Acetyls Business and the Specialty Polymers and Films Business. Our Acetyls business is Europe's second largest producer of acetic acid and polyvinyl alcohol and third largest producer of vinyl acetate monomer. These chemicals and their derivatives are used in a wide range of applications in the automotive, construction, packaging, pharmaceutical and textile industries.

Specialty polymers developed and manufactured by Acetex are used in the manufacture of a variety of plastics products, including packaging and laminating products, auto parts, adhesives and medical products. The films business focuses on products for the agricultural, horticultural and construction industries.

Acetex directs its operations from its corporate head office in Vancouver, Canada. Acetex has plants in France, Spain, and Edmonton, Alberta, and sells to customers primarily in Europe, the United States, and Canada. Acetex's common shares are listed for trading under the symbol "ATX" on the TSX, which has neither approved nor disapproved the information contained herein.

Information in this news release may contain forward-looking statements. By their nature, such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. They include world wide economic conditions, actions of competitors, the availability and cost of feedstock, the ability to implement business strategies and pursue business opportunities, conditions in the chemicals business including the supply and demand for industrial chemicals and the risks attendant with producing and marketing industrial chemicals and carrying out major capital projects.

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors of Acetex are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the filings with the U.S. Securities and Exchange Commission (SEC) and the applicable Canadian securities commissions of Acetex and with the SEC, copies of which are available from Acetex.

Source: Acetex Corporation

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