Chemical and advanced materials maker, Celanese Corporation CE announced that it will raise the list and off-list selling prices of several specialty chemicals. This price rise was slated to be effective Jul 2, 2015, or as contracts permit.
The price of butoxyl will increase by $75 per metric ton in North, Central and South America, €65 per metric ton in Europe, and $75 per metric ton in Asia. The prices of polysolvan O, propionic anhydride and isobutyric anhydride will be hiked by $45 per metric ton in North, Central and South America, €40 per metric ton in Europe, and $45 per metric ton in Asia. The price of MMA – Methyl Amine will rise by $100 per metric ton, while that of DMA – Dimethyl Amine will increase by $125 per metric ton in North, Central and South America. Also, the price of TMA – Trimethyl Amine will rise by $150 per metric ton in this region.
Celanese is a global hybrid chemical company based in Irving, TX. It is one of the world’s largest producers of acetyl products as well as a leading global manufacturer of high-performance engineered polymers. The company is also the world leader in vinyl acetate monomer (VAM) and acetic acid production.
Celanese remains focused on reducing costs and running its plants more efficiently amid an uncertain operating backdrop. Its strong presence in emerging markets should support earnings this year.
Per management, Celanese started off 2015 with significant headwinds such as a fluctuating macroeconomic environment and volatile currency markets at the macro level, along with methanol transition and tow inventory de-stocking particularly posing significant concerns for the company.
However, Celanese expects to offset these headwinds with strong operating performance across all its segments, along with higher productivity gains. This led management to revise its adjusted earnings outlook for 2015 to a range of $5.60–$5.90 per share, up from the prior projection.
Celanese currently holds a Zacks Rank #2 (Buy).
Other well-ranked companies in the diversified chemical space include LyondellBasell Industries N.V. LYB, Stepan Company SCL and Orion Engineered Carbons SA OEC. All these stocks sport a Zacks Rank #1.
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