15 August 2007 16:38 [Source: ICIS news]
HOUSTON (ICIS news)--US chemical company Celanese has sold an acetic acid and acetic anhydride plant to Babcock & Brown which has substantial holdings in the electrical industry, the company said on Wednesday.
Financial terms were not disclosed.The buyer, an international investment and advisory firm, plans to convert the site in Pampa, Texas, into a power plant.
The plant currently produces 290,000 tonnes/year of acetic acid and 140,000 tonnes/year of acetic anhydride, Celanese said.
The company expects no supply disruptions as a result of the change over.
Celanese should continue operating the plant through at least early 2009, the company said.
Ultimately, Celanese will replace the capacity of the Pampa site to other plants, including a new one in Nanjing, China, it said.
Celanese is still determining what will happen to the plant's 250 employees.
The sale follows a joint effort by Celanese, Babcock & Brown and other companies to support a proposed Panhandle Loop project, which would connect wind and conventional electricity generation in the part of the state known as the Panhandle.
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