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Chemical

Celanese settles lawsuit for $107 million

June 16, 2008
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According to the Associated Press, chemicals maker Celanese Corp. said it will pay $107 million to settle an antitrust lawsuit and it will sell several of its Infraserv investments.

The company said settling the Polyester Staple antitrust issue, which was related to sales by the polyester staple fibers business that former parent Hoechst AG sold in 1998, resolves a large portion of the company''s legal exposure from that business. Additional settlement details were not disclosed.

Meanwhile, Celanese will sell several legacy Infraserv investments where Celanese no longer has manufacturing operations. Those include three locations in Germany. In all, those businesses contributed $9 million in 2007 pretax earnings.
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