Celanese sells Texas facility
Chemical maker Celanese Corp. has sold its Pampa, Texas, facility to the Australia-based international investment and advisory firm Babcock & Brown for an undisclosed sum, the Associated Press reports. Celanese said both companies will coexist on the site for a period of time and Celanese''s chemical production and other operations will continue until at least early 2009. Babcock & Brown said it plans to develop the facility for commercial power generation, including up to 800 megawatts of coal-based electric generation. Base load electric generation could be operational at the site as early as 2009, Babcock & Brown said. Celanese began operations at the site in 1952. It mainly produces acetic acid and acetic anhydride and employs about 250 people.