Chemical and advanced materials maker Celanese Corporation (CE) announced that it plans to launch the sale process of two of its facilities. The first one is the acetic anhydride facility in Roussillon, France, with the second being its vinyl acetate monomer (VAM) production unit in Tarragona, Spain.
The Roussillon site produces acetic anhydride with an annual capacity of 34 kiloton (kt) and has an employment base of 30 full time workers while the Tarragona VAM unit produces vinyl acetate monomer with an annual capacity of 200 kt and employs 70 full time workers.
Celanese has announced plans based on completed assessment of its overall corporate strategy, which included an appraisal of its global manufacturing facilities. The company is also looking for buyers who can incorporate these facilities into their own manufacturing organizations. To help Celanese achieve this objective, the Paris-based affiliate of JH Lillian & Co. Inc., an advisor, specialized in the chemicals industry, will lead the sale process for both the facilities.
Though the sale will be open to a number of candidates, the buyers will be selected on the basis of specific criteria, including the ability of the buyers to ensure sustainable operations, retaining employees and their ability to meet certain financial conditions.
Celanese is among the world’s largest producers of acetyl products as well as the leading global producer of high-performance engineered polymers. It currently carries a short-term (1 to 3 months) Zacks Rank #1 (Strong Buy).
Other companies in the chemical industry that are worth considering include Shin-Etsu Chemical Co., Ltd. (SHECY), Methanex Corp. (MEOH) and FMC Corp. (FMC). While both Shin-Etsu Chemical and Methanex retain a Zacks Rank #1 (Strong Buy), FMC holds a Zacks Rank #2 (Buy).
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