Kronberg (CZZ:FSE; CZ:NYSE) - As part of its strategy to focus on its core businesses, Celanese AG has signed an agreement to sell Trespaphan, its global oriented polypropylene (OPP) film business to a consortium consisting of Dor-Moplefan and Bain Capital. The purchase price for the transaction is approximately €200 million. The transaction is subject to regulatory approvals. Both parties expect the purchase to be completed before the end of this year.

"The divestiture of Trespaphan, represents another step in our strategy to divest non-core businesses and to concentrate on the internal and external growth of our core businesses," said Claudio Sonder, chairman of Celanese AG. "The new consortium offers Trespaphan the best conditions to further develop its business and to strengthen its market position on a sustainable basis. We thank our employees for their great efforts implementing Trespaphan’s turnaround strategy successfully over the last three years."

Dor-Moplefan previously acquired the OPP film activities of Moplefan and Shorko from Basell. Zvi Mor, chairman of Dor-Moplefan, said, “Trespaphan is a well established company with the potential for further growth in its field; it has the right people, know-how, and equipment to be a growing and a major player in the field of BOPP.”

In 2001, Trespaphan, formed part of Celanese's Performance Products segment, generated sales of €281 million. The business has 1,400 employees at four production sites in Germany, France, South Africa and Mexico. OPP films are primarily used in food and cigarette packaging, labeling and capacitors.

Assuming this transaction and the previously announced acquisition on Clariant's emulsion business are completed before the end of the year, Celanese now expects year-end net debt to be around €700 million and trade working capital to be at approximately last years` level. Celanese will start to report the business as part of discontinued operations.

Celanese was advised by Lehman Brothers on the transaction.