01 March 2007 18:41 [Source: ICIS news]
HOUSTON (ICIS news)--Celanese announced on Thursday that it has completed the sale of its oxos products and derivatives business to private equity manager Advent International, for €480m ($632m).
The consolidation of Celanese’s oxos business and the Celanese-Degussa joint venture European Oxo, first announced in December, was recently approved by the European Commission.
Oxea Group, the new business unit of Advent, said the existing product line remained fully intact as it took over existing contracts and orders.
Martina Floel, spokeswoman for Oxea, said the company would consider expansion toward eastern Europe or Asia in addition to maintaining its focus on Europe and North America.
It employs 1,300 people in two German facilities at Oberhausen and Marl, as well as two US facilities in Bay City and Bishop, Texas.
Celanese will maintain control of certain co-located assets, including a vinyl acetate monomer (VAM) plant in Bay City and parts of its Ticona business in Oberhausen and Bishop, according to company spokesman Jeremy Neuhart.
($1 = €0.76)
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