Celanese Corporation (CE) has announced the opening of a new sales center in Istanbul, Turkey, to facilitate customer growth of its intermediate chemistry, engineered materials and emulsion polymers portfolio in Turkey and the greater European region.
The sales center will cater to industries such as automotive, appliance, and medical devices, as well as industrial segments including paints, coatings and adhesives. The representatives of Celanese will be present there to help customers who are focusing on new products within these industries. The team of Celanese will represent the company’s full product portfolio with an aim to be the first-choice chemistry solution source for the customers.
Celanese will host an “Automotive Technology Day” with customers in Istanbul to celebrate the opening of its sales center, featuring recent trends in automotive polymers for appearance, lightweighting, fibers, fluid management and more. The company will aim at providing its development services, technical expertise and advanced products to the customers in Turkey and support their success.
Celanese released its third-quarter 2014 results in October. The company saw its profit jump on a reported basis and recorded its highest ever adjusted earnings (excluding one-time items) of $1.61 per share in the quarter, up 34% from $1.20 per share in the year-ago quarter. It also outstripped the Zacks Consensus Estimate of $1.44 per share.
Earnings from continuing operations (as reported) soared 55% year over year to $1.66 per share in the quarter from $1.07 per share in the prior-year quarter.
Celanese expects adjusted earnings in the range of $5.55 to $5.65 per share for 2014. The company believes that its adjusted earnings guidance for 2015, which is also in line with its 2014 expectations, will enable it to achieve its long-term growth objectives.
Celanese expects that the company-specific initiatives for 2015 (including innovation and productivity programs) will help it offset expected headwinds associated with the expiry of a methanol contract in mid-2015.
Celanese also hopes that its customer-focused approach for the materials businesses and the commercial actions that it continues to take in its technology-enabled businesses will provide it with adequate opportunities to offset other anticipated year-over-year headwinds.
Celanese currently carries a Zacks Rank #2 (Buy).
Other stocks worth considering in the diversified chemical space include Innospec Inc. (IOSP), Valhi, Inc. (VHI) and Kronos Worldwide, Inc. (KRO). While Innospec and Valhi sport a Zacks Rank #1 (Strong Buy), Kronos carries a Zacks Rank #2 (Buy).
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