Celanese Completes Series of Strategic Actions Across its Global Acetyl Chain
09 April 2024 - 3:00PM
Business Wire
Celanese Corporation (NYSE: CE), a global specialty materials
and chemical company, today announced several strategic milestones
at its Clear Lake, Texas, and Nanjing, China, plants to enhance the
competitive cost position, sustainable footprint and operational
flexibility of the Acetyl Chain (AC) business and allow it to meet
future demand growth. These include:
- The startup of a new 1.3 million ton Clear Lake acetic acid
expansion in March 2024, which we believe to be the lowest-cost
and lowest-carbon footprint acetic acid facility in the world.1
This milestone builds upon the recently announced and
ISCC-certified carbon capture and utilization (CCU) project that
increased the capacity of the Fairway Methanol joint venture with
Mitsui & Co., Ltd. by 130 kt while capturing 180 kt of CO2
industrial emissions. The low-carbon methanol can provide customers
with low-carbon ECO-CC AC and Engineered Materials downstream
products for a wide range of consumer applications.
- The startup of a new vinyl acetate ethylene (VAE) unit in
Nanjing and completion of global, low-capital downstream
redispersible polymer powders (RDP) debottlenecking projects.
This new VAE unit increases capacity by 70 kt and expands the
Acetyl Chain’s ability to leverage the full breadth of its
integrated product chain in the Asia region and address growing
regional demand for both VAE and downstream RDP.
- The Celanese subsidiary, Celanese (Nanjing) Chemical Co.
Ltd., has extended its CO Phase II contract with Nanjing Chengzhi
Clean Energy Co., Ltd. for the supply of carbon monoxide to its
facility in Nanjing. Carbon monoxide is a key feedstock in the
production of acetic acid. The extended contract will provide the
Celanese Nanjing facility with reliable long-term supply of carbon
monoxide for its 1,200 kt acetic acid plant as well as additional
operating flexibility
“Our teams in Clear Lake and Nanjing did an incredible job of
working both across our business and with valued partners like
Chengzhi to deliver on key operational investments that improve our
optionality and position us to increase foundational earnings
through expected adjusted EBIT by $100 million to $1.4 billion as
we previously reported,” said Mark Murray, senior vice president,
Acetyls, Celanese. “These moves not only advance our ability to
meet customer requirements with a flexible, low-cost approach, but
also makes us well-positioned for future global and regional
growth.”
With global manufacturing and distribution capabilities,
Celanese is a leading producer of acetic acid, which is a basic
chemical used in paints and coatings, adhesives, plastic bottles,
food packaging and construction materials.
About Celanese Celanese is a global leader in chemistry,
producing specialty material solutions used across most major
industries and consumer applications. Our businesses use our
chemistry, technology and commercial expertise to create value for
our customers, employees and shareholders. We are committed to
sustainability by responsibly managing the materials we create for
their entire lifecycle and are growing our portfolio of sustainable
products to meet increasing customer and societal demand. We strive
to make a positive impact in our communities and to foster
inclusivity across our teams. Celanese is a Fortune 500 company
that employs approximately 12,400 employees worldwide with 2023 net
sales of $10.9 billion.
Forward-Looking Statements: This release may contain
“forward-looking statements,” which include information concerning
the company’s plans, objectives, goals, strategies, future revenues
or performance, capital expenditures and other information that is
not historical information. When used in this release, the words
“outlook,” “forecast,” “estimates,” “expects,” “anticipates,”
“projects,” “plans,” “intends,” “believes,” “will,” and variations
of such words or similar expressions are intended to identify
forward-looking statements. All forward-looking statements are
based upon current expectations and beliefs and various
assumptions. There can be no assurance that the Company or its
customers will realize these benefits or that these expectations
will prove correct. There are a number of risks and uncertainties,
many of which are beyond the Company’s control, that could cause
actual results to differ materially from the forward-looking
statements contained in this release. Risk factors include those
that are discussed in the Company’s filings with the Securities and
Exchange Commission. Any forward-looking statement speaks only as
of the date on which it is made, and the Company undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date on which it is made or to
reflect the occurrence of anticipated or unanticipated events or
circumstances.
Non-GAAP Financial Measures
Use of Non-US GAAP Financial Information
This release uses adjusted EBIT, a Non-US GAAP measure. This
measure is not recognized in accordance with US GAAP and should not
be viewed as an alternative to US GAAP measures of performance or
liquidity. The most directly comparable financial measure presented
in accordance with US GAAP in our consolidated financial statements
for adjusted EBIT is net earnings (loss) attributable to Celanese
Corporation.
Reconciliations of forecasted non-GAAP measures such as adjusted
EBIT to the equivalent U.S. GAAP measures (net earnings (loss)
attributable to Celanese Corporation), are not available without
unreasonable efforts because a forecast of Certain Items, such as
mark-to-market pension gains/losses, and other items is not
practical.
Definitions of Non-US GAAP Financial Measures
- Adjusted EBIT is a performance measure used by the Company and
is defined by the Company as net earnings (loss) attributable to
Celanese Corporation, plus (earnings) loss from discontinued
operations, less interest income, plus interest expense, plus
refinancing expense and taxes, and further adjusted for Certain
Items. We do not provide reconciliations for adjusted EBIT on a
forward-looking basis (including those contained in this document)
when we are unable to provide a meaningful or accurate calculation
or estimation of reconciling items and the information is not
available without unreasonable effort. This is due to the inherent
difficulty of forecasting the timing and amount of Certain Items,
such as mark-to-market pension gains and losses, that have not yet
occurred, are out of our control and/or cannot be reasonably
predicted. For the same reasons, we are unable to address the
probable significance of the unavailable information.
Reconciliation of Non-US GAAP Financial Measures
For more information on the historical non-GAAP financial
measures used by the Company, including the most directly
comparable GAAP financial measure for each historical non-GAAP
financial measures used, including definitions and reconciliations
of the differences between such non-GAAP financial measures and the
comparable GAAP financial measures, please refer to the Non-US GAAP
Financial Measures and Supplemental Information document available
on our website, investors.celanese.com, under Financial
Information/Non-GAAP Financial Measures.
1 Based on internal estimates.
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version on businesswire.com: https://www.businesswire.com/news/home/20240409059594/en/
Investor Relations Brandon Ayache +1 972 443 8509
brandon.ayache@celanese.com Media Relations – Global Brian
Bianco +1 972 443 4400 media@celanese.com
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