Brings a global leader and flagship brand in thermoplastic vulcanizates (TPV) to Engineered Materials\u2019 leading customer solution set<\/i><\/p>\n
DALLAS–(BUSINESS WIRE)– Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, announced the signing of a definitive agreement to acquire the Santoprene\u2122 TPV elastomers business of Exxon Mobil Corporation. Celanese will acquire the industry-renowned Santoprene\u2122 brand as part of a comprehensive TPV product portfolio, along with intellectual property, production and commercial assets, and a world-class organization.<\/p>\n
\u201cWith the acquisition of the Santoprene\u2122 business, we are further expanding the unrivaled portfolio of engineered solutions we bring to our customers,\u201d said Lori Ryerkerk, chairman and chief executive officer. \u201cThis transaction represents a high-return opportunity to drive future shareholder value by deploying our excess cash from the monetization of our passive ownership in Polyplastics and continued strong cash generation in our businesses. We are eager to welcome the Santoprene\u2122 team to Celanese and look forward to their contributions to our continued growth in Engineered Materials.\u201d<\/p>\n
\u201cThis transaction substantially strengthens our existing elastomers portfolio, allowing us to bring a wider range of functionalized solutions into targeted growth areas including future mobility, medical, and sustainability,\u201d said Tom Kelly, senior vice president Engineered Materials. \u201cThe reputation of the Santoprene\u2122 brand in TPV is consistent with Engineered Materials\u2019 flagship brands including Hostaform\u00ae in POM and GUR\u00ae in UHMW-PE. With this product as part of the Engineered Materials portfolio and project pipeline model, we are confident that our joint commercial and technical teams across the globe will generate meaningful shareholder value.\u201d<\/p>\n
Transaction Overview<\/b><\/p>\n
The Santoprene\u2122 business of ExxonMobil is a leading global producer of TPV serving a variety of end-uses including automotive, construction, appliance, medical, and industrial. TPV is a chemically cross-linked, high-performance material which leverages a unique combination of engineering thermoplastic and elastomer properties. The Santoprene\u2122 portfolio is highly functionalized to specific application requirements and is supported by industry-leading intellectual property.<\/p>\n
According to the terms of the definitive agreement, Celanese will acquire the Santoprene\u2122 business from ExxonMobil for a total purchase price of $1.15 billion on a cash-free, debt-free basis. As part of the transaction, Celanese will acquire the following:<\/p>\n
The Company expects the transaction to be immediately accretive to 2022 adjusted earnings per share and free cash flow.<\/p>\n
The acquisition is expected to be financed by excess cash and available liquidity on the Celanese balance sheet.<\/p>\n
The transaction is subject to regulatory approvals, carve-out preparations, and other customary closing conditions, which will determine the timing of close. The transaction is expected to close in the fourth quarter of 2021.<\/p>\n
Celanese is advised by Kirkland & Ellis LLP as principal legal counsel and Goldman Sachs & Co. LLC as financial advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"
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