Celanese sells Ontario polyester ops to KoSa
23 November 1999 10:27 [Source: ICIS news]
LONDON (CNI)--Celanese, the industrial chemicals company recently spun off from Germany's Hoechst, has sold its polyester operations in Millhaven, Ontario to US commodity and specialty polyester producer KoSa for about $162m (Euro157m).
The move, announced by Celanese on Tuesday, completes its exit from the polyester business and marks another stage in the company's policy of restructuring through divestment of non-core assets.
Celanese sold its US polyester operations to KoSa last year and has been in negotiations with the company ever since over the Canadian polyester business. KoSa is a joint venture between Koch Industries of Wichita, Kansas and Mexico-based Imasab, the family business of Isaac Saba.
The Millhaven facility near Kingston produces 50 000 tonne/year of polyester staple and has more than 180 000 tonne of annual productive capacity for polyethylene terephthalate (PET) packaging resin. KoSa currently markets all products manufactured at Millhaven and sold into the US under an exclusive marketing agreement with Celanese.
Claudio Sonder, Celanese chief executive and chairman, commented: "The sale of the Millhaven plant will allow us to focus our resources more intensively on our core chemicals, acetate products and technical polymers businesses."
KoSa chairman Saba, said: "It enables us to strengthen our global synergies and brings significant value to our worldwide operations, especially in North America."
KoSa, which is headquartered in Houston, Texas and employs 10 000 people worldwide, has five global businesses: packaging resins, intermediates and polymer, textile fibres, technical filament and tyre cord.
By: Neil Sinclair
+44 20 8652 3214
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