Whats left of the old Hoechst Corp. witch bought Celanese, long ago,now Sanofi/Aventis. They spun off the chemicals/plastics group. They were bought by the Blackstone Group. They stole it,IMO. Now their using it to acquire other companies. Most likely to bring it public once again, and cash out. Business conditions have improved for this type of business.
Old News story on their acquisition by Blackstone
Kronberg, Germany - (CZZ: FSE; CZ: NYSE): The Celanese AG Board of Management and Supervisory Board recommend that shareholders accept the tender offer made by BCP Crystal Acquisition GmbH & Co KG, an acquisition entity controlled by a number of investment funds advised by The Blackstone Group. As Celanese announced today, both boards have published their respective reasoned opinions in accordance with the German Securities Acquisition and Takeover Act.
Both boards have carefully reviewed the offer documents published by Blackstone on February 2, 2004, including those required by the German Securities Acquisition and Takeover Act and those submitted to the U.S. Securities and Exchange Commission from BCP Crystal Acquisition in accordance with U.S. securities laws.
The CEO of Celanese AG, Claudio Sonder said, “We recommend that our shareholders accept the offer. It contains a fair price and the premium offered recognizes what has already been a successful increase in value. Blackstone supports our growth strategy and intends to access additional financial resources to further promote the direction the company has taken. The offer is also in the interest of employees, as Blackstone has agreed to continue Celanese’s socially acceptable policy towards its employees.”
The Combined Works Council and the Central Works Council also submitted a statement supporting the tender offer.
Blackstone’s offer represents a premium of 13 percent over the three month weighted average closing share price prior to the announcement of Blackstone’s intention to launch a voluntary public offer. It is above the shares all-time high closing price of € 31.88 and represents more than a doubling of the price since the company became public in 1999.
Celanese AG shareholders have until March 15, 2004 to accept the offer.
______________________________________________________________
Celanese Announces Acquisition of Emulsion Polymer Business from ICI
Tuesday November 23, 11:12 am ET
DALLAS--(BUSINESS WIRE)--Nov. 23, 2004--Celanese (FWB:CZZ) announced today that it has agreed to purchase Vinamul Polymers, the emulsion polymer business of National Starch and Chemical Company (NSC), for $208 million, subject to regulatory approvals and other customary conditions. NSC is a subsidiary of Imperial Chemical Industries PLC (ICI).
"This acquisition is the latest development in a strategy of diversifying our product offering with higher-value chemicals that are customized for end-use applications," said David Weidman, CEO-Designate of Celanese Corporation, the global parent for the Celanese businesses.
Emulsion polymers enhance the performance of adhesives, paints and coatings, textiles, paper, building products and other goods. The Vinamul Polymers product line includes vinyl acetate-ethylene (VAE) copolymers, vinyl acetate homopolymers and copolymers, and acrylic and vinyl acrylic emulsions.
For the year ended December 31, 2003, Vinamul Polymers had sales of $335 million, of which $97 million were internal sales to other NSC and ICI businesses. Operating profit was $18 million. The business has approximately 600 employees and operates manufacturing facilities in the U.S., Canada, the U.K., and The Netherlands.
The acquisition is expected to be financed through an amendment and expansion of the senior credit facilities of a subsidiary of Celanese Corporation.
"The Celanese and Vinamul Polymers businesses complement each other geographically and technologically", Weidman noted. "Together, we can offer customers a wider range of product solutions, a more reliable source of supply, and the ability to expand with them globally."
Celanese's current emulsion polymers business, which was acquired from Clariant in 2002, is primarily focused in Europe, while the Vinamul business includes complementary positions in both Europe and North America. Celanese employs state-of-the-art emulsions technology for use in low-emission paints and coatings, adhesives and other applications. Vinamul, among other things, is a recognized leader in emulsions for use in non-woven fabrics, paperboard and glass fiber coatings.
As part of the agreement, NSC will continue to supply Vinamul Polymers with starch, dextrin and other specialty ingredients following the acquisition. Celanese will supply the Vinamul business with vinyl acetate monomer (VAM) and polyvinyl alcohols (PVOH).
Celanese Corporation is controlled by a group of investment funds, which are advised by The Blackstone Group, a leading global investment firm.
Celanese holds worldwide leading positions in its key products and world-class process technology. The Celanese portfolio consists of four main businesses: Chemical Products, Acetate Products, Technical Polymers Ticona and Performance Products. In 2003, Celanese generated sales of around USD $4.6 billion with about 9,500 employees. Celanese has 24 production plants and six research centers in 10 countries mainly in North America, Europe and Asia.
Celanese Corporation is a Delaware corporation headquartered in Dallas, Texas, USA.
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company |
