In November Celanese announced TCX, its newly developed advanced technology to produce ethanol. This innovative, new process combines our proprietary and industry-leading acetyl platform with highly advanced manufacturing technology to produce ethanol from hydrocarbon-sourced feedstocks. The company also announced its intention to construct manufacturing facilities in China and the U.S. to utilize this technology.
In May Celanese announced the acquisition of two product lines, Zenite® liquid crystal polymer (LCP) and Thermx® polycyclohexylene-dimethylene terephthalate (PCT), from DuPont Performance Polymers.
The company has completed the sale of its polyvinyl alcohol (PVOH) business to Sekisui Chemical Co., Ltd. in June.
September saw the opening of Celanese’s integrated chemical complex in Nanjing, China. The complex, located at the Nanjing Chemical Industrial Park, brings world-class scale to one site for the production of acetic acid, vinyl acetate monomer, acetic anhydride, emulsions, Celstran® long fiber-reinforced thermoplastic (LFRT) and GUR® ultra-high molecular weight polyethylene (UHMW-PE).
In August Celanese announced the sale of the Films business of its AT Plastics subsidiary to British Polythene Industries PLC.
In April Celanese 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.
In March the company announced strategic partnership with Accsys Technologies for innovative use of acetyl products.
In January Celanese finalized divestiture of its oxo products and derivatives businesses to Advent International. The sale is consistent with Celanese's strategy to optimize its portfolio and divest non-core businesses. This month Celanese completed the acquisition of the cellulose acetate flake, tow and film business of cellulose derivatives Limited.
In December Celanese announced plans to relocate strategic management of Acetyls business to Shanghai, China. This step will strengthen and grow the company's already strong position in Asia.
November saw Celanese reaching a settlement with Frankfurt Airport to relocate Celanese's Kelsterbach, Germany business, resolving several years of legal disputes related to the planned Frankfurt airport expansion.
In December Celanese sold COC business to a venture between Daicel and Polyplastics. Celanese has also sold its common stock interest in Pemeas GmbH to Pemeas Corporation.
In November Celanese announced its intention to initiate a squeeze-out of Celanese AG shares, subject to an approval by the Annual General Meeting of Celanese AG in 2006.
August saw Celanese Europe Holding, a subsidiary of Celanese Corporation, acquiring approximately 11% of Celanese AG shares from two financial investors and thus reached the threshold of 95% to pursue a squeeze-out of Celanese AG. Also this month Celanese announced the intention to wind up Estech, a venture with Hatco Corporation for neopolyol esters.
In July the European Commission grants unconditioned approval for the acquisition of Acetex Corporation and Celanese starts integration process of the new employees and sites.
During the spring and summer of this year Celanese pursues the strategy of focusing on its core chemicals and technical polymer businesses, in which it holds leading market and technology positions by divesting smaller businesses like the polybenzimidazole fiber and polymer businesses PBI, the polyarylate fiber business Vectran and the emulsion powders business.
In February Celanese finalizes acquisition of the emulsion polymers company Vinamul Polymers and starts integration of sites in the U.S. and Europe into the Celanese Emulsions business.
Following a successful initial public offering (IPO), Celanese Corp. becomes a publicly traded corporation on the New York Stock Exchange (NYSE: CE) in January.
In November Celanese announces plans to purchase Vinamul Polymers, the emulsion polymer business of the ICI subsidiary National Starch and Chemical Company (NSC), for $208 million. The acquisition diversifies Celanese’s product offering with higher-value chemicals that are customized for end-use applications. Also this month, Blackstone Crystal Holdings Capital Partners (Cayman) IV Ltd. (the controlling legal entity of Celanese subsequent to the successful takeover of Celanese AG by Blackstone) changes its name to Celanese Corporation. Celanese Corp. is headquartered in Dallas, Texas, and is the parent company of Celanese’s North American operations and Celanese AG. Henceforth Celanese AG is the holding company for Celanese’s European operations and most of its Asian activities.
In October Blackstone signs an agreement for the takeover of Acetex Corporation in a transaction valued at almost USD$ 500 million and states its intention is to operate Acetex as part of Celanese’s global chemicals business. Acetex is a Canadian corporation which produces a variety of chemicals including acetic acid, polyvinyl alcohol, vinyl acetate monomer and technical polymers. This month plans are announced to implement a strategic restructuring of the Acetate business. As part of the restructuring, acetate filament production is to be discontinued by mid-2005 and acetate flake and tow operations are to be consolidated at three locations, instead of five.
The beginning of the year sees a total of 84.32% Celanese shares tendered and all conditions for the successful conclusion of the takeover by Blackstone are satisfied. In July, Celanese AG shares are delisted from the New York Stock Exchange (NYSE). Following an extraordinary shareholders’ meeting, a domination and profit loss transfer agreement between Celanese AG and Blackstone is entered into the Commercial Register and becomes effective on October 1.
This year sees Celanese’s agreement to sell its acrylates business to Dow Chemical. The joint venture of oxo businesses with Degussa AG completed. Preparations to build a world-scale 600,000 metric ton acetic acid plant in China begin. An agreement with China National Tobacco Corporation to double capacities of three acetate tow joint ventures are announced. Groundbreaking with Asian partners for new 60,000 metric ton polyacetal plant in China. An agreement is put in place to source methanol from Southern Chemical Corporation to reduce overall exposure to U.S. Gulf Coast natural gas volatility.
In December Blackstone Capital Partners announces intention to launch a voluntary public offer to acquire all of the outstanding shares of Celanese AG.
This year sees the acquisition of European emulsions and global emulsion powders business from Clariant AG. Divestiture of Trespaphan oriented polyproplyene film business. Formation of a 50/50 joint venture with Hatco Corporation for the production and marketing of neopolyol esters. Celanese celebrates 75th anniversary of Ruhrchemie site in Oberhausen, Germany.
This year a significant technological progress lead to process improvements in acetic acid and vinyl acetate monomer: Construction begins on a new and expanded Celanese plant to produce GUR ultra-high molecular weight polyethylene.
The acquisition of polyvinyl alcohol business from Air Products strengthens acetyl chain takes place this year. Start-up of 500,000 metric ton acetic acid plant in Singapore and a plant for the newly engineered COC cycloolefin copolymer in Germany.