Celanese Corp. (Irving, Tex.; www.celanese.com) announced that it has successfully concluded the sale of its atmospheric (vinyl and acrylics) emulsions unit in La Canonja (Tarragona), Spain. Financial details of the transaction were not disclosed.
IQOXE, a Tarragona-based petrochemical company specializing in the production of ethylene oxide, glycols and ethylene oxide derivatives, is acquiring the operation from Celanese of the 25,000-metric ton (m.t.) nameplate production capacity atmospheric emulsions unit with 29 employees. Under a multi-year agreement, the buyer will produce certain emulsions products for which Celanese will continue to remain the channel to market for Mowilith and Celvolit atmospheric emulsions.
Celanese launched the sale process for both its atmospheric and VAE (vinyl acetate-ethylene) emulsions production units in Tarragona in March 2015, with the intent to find a credible buyer for both facilities. The sale intention was driven by a review of Celanese’s overall corporate strategy, which also included an assessment of the company’s global manufacturing facilities. In support of the company’s emulsion polymers business, the manufacturing footprint strategy favors integrated production sites that provide critical economies of scale.