Celanese to sell two European manufacturing facilities
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Celanese Corp. intends to sell its acetic anhydride facility in Roussillon, France, and its vinyl acetate monomer (VAM) production unit in Tarragona, Spain.
In its news release announcing the intention to sell the company included assurances that seemed aimed at both employees and European governments, to the effect that “Celanese is committed to taking the appropriate time to find a credible buyer for both units, with the primary focus on industrial candidates.”
Such buyers, the company says should be capable of integrating the facilities into their own manufacturing organizations. To help achieve this objective, the Paris-based affiliate of JH Lillian & Co. Inc., will lead the sale process for both the Roussillon site and the Tarragona VAM unit. JH Lillian & Co., Inc. is an advisor to the chemicals industry with whom Celanese has successfully worked in the past.
Not just price?
The sale process for both facilities will be open to a broad range of candidates; however, the selection of the buyers will be based on specific criteria, including the ability of the buyers to ensure sustainable operations, retain employees and their ability to meet certain financial conditions.
These sale intentions in Roussillon and Tarragona are driven by a recently completed assessment of Celanese's overall corporate strategy, which included an assessment of the company's global manufacturing facilities. Specifically in support of the company's Acetyl Intermediates business, the manufacturing footprint strategy favors integrated production sites that provide critical economies of scale.
The Celanese Roussillon site produces acetic anhydride with an annual capacity of 34kt and has an employment base of 30 full time workers. The Celanese Tarragona VAM unit produces vinyl acetate monomer with an annual capacity of 200kt and employs 70 full time workers.
Based in Dallas, Texas, Celanese employs approximately 7,600 employees worldwide and had 2012 net sales of $6.4 billion.