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On July 20, Celanese and Daicel announced that they had reached a final agreement.
Celanese would sell its 45% stake in Polyplastics to Daicel for $1.
575 billion.
After the transaction was completed, Daicel would own Poly100.
% stake, and the transaction is scheduled to close in the second half of this fiscal year
.
Polyplastics is a joint venture established on May 4, 1964 by Celanese and Daicel, with Celanese holding 45% of Polyplastics and Daicel holding 55% of Polyplastics
.
Celanese CEO Lori Ryerkerk said, Celanese has been investing and rapidly growing its foundational business in engineered materials globally over the past 10 years.
One of the things that sets Celanese apart is the ability to leverage its unique business model and flexible strategies to achieve sustainable growth, especially for the engineered materials market
.
Celanese will increase investment in new product development to meet customer demand in growth areas and key regions, and Celanese's engineered materials business will maintain good momentum, said Tom Kelly, Celanese's senior vice president of engineered materials
.
Daicel said that since its establishment as a joint venture with Celanese in 1964, Polyplastics has developed into a pioneer in Japan's engineering plastics industry by providing high-performance product solutions to meet the needs of automotive, electrical, precision machinery and other fields
.
In addition, due to the growing demand for engineering plastics in 5G, electric vehicles, electronic materials and other fields, it will develop synergistically with Daicel in these new businesses to further consolidate its leading position in engineering plastics
.
