On July 20, Celanese and celluloid announced that they had reached a final agreement. Celanese would sell its 45% stake in poly plastics to Celluloid for us $1.575 billion. After the transaction, Celanese will own 100% of the shares of poly. The transaction is planned to be completed in the second half of this fiscal year.
Poly plastics is a joint venture company established by Celanese and celluloid on May 4, 1964. Celanese holds 45% of the shares of poly, while Celluloid holds 55% of the shares of poly.
Poly is a world-renowned supplier of engineering plastics, including POM, PBT, PPS, LCP, gf-pet and COC.
LORI ryerkerk, CEO of Celanese, said that Celanese has been investing and rapidly developing its basic business in engineering materials worldwide in the past 10 years. One of Celanese's unique advantages is its ability to use its unique business model and flexible strategy to achieve sustainable growth, especially in the engineering materials market. Celanese plans to use the funds of the transaction to invest in its higher growth business, and the final agreement will promote its future customer development and expansion.
Tom Kelly, senior vice president of engineering materials at Celanese, said Celanese would increase investment in new product development to meet customer demand in growth areas and key regions, and Celanese's engineering materials business would maintain a good momentum of development. Celanese will continue to invest in product expansion to meet the growing market demand in 5g, high mobility, healthcare / medicine and sustainable materials. It also plans to expand its manufacturing capacity in Asia and improve its technology and innovation capabilities to meet the rapidly growing needs of the region.
Since its joint venture with Celanese in 1964, Pauli plastics has become a pioneer in Japan's engineering plastics industry by providing high-performance product solutions to meet the needs of automotive, electrical, precision machinery and other fields. Engineering plastics have become a new material to replace metal due to its high processability. With the improvement of people's living standards, the demand for engineering plastics is also increasing. As a manufacturer focusing on engineering plastics, poly provides customers with the most suitable solutions and expands the product range and supply capacity. Today, Baoli has become the largest engineering plastics in Japan and Asia Manufacturers, some of which have the largest share of the global market. Through this agreement, Baoli will become a wholly-owned subsidiary of celluloid, which will speed up the business restructuring of celluloid in the field of synthetic resin, and maximize the synergy effect of various product series of celluloid.
In addition, due to the increasing demand for engineering plastics in 5g, electric vehicles, electronic materials and other fields, we will cooperate with celluloid in these new businesses to further consolidate the leading position of engineering plastics.
