Celanese Corp. (Dallas) announced the signing of a definitive agreement to acquire the Santoprene TPV elastomers business of Exxon Mobil Corp. (Irving, Tex.). Celanese will acquire the Santoprene brand as part of a comprehensive thermoplastic vulcanizates (TPV) product portfolio, along with intellectual property, production and commercial assets, and a world-class organization.
“With the acquisition of the Santoprene business, we are further expanding the unrivaled portfolio of engineered solutions we bring to our customers,” said Lori Ryerkerk, chairman and chief executive officer. “This 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™ team to Celanese and look forward to their contributions to our continued growth in Engineered Materials.”
“This 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,” said Tom Kelly, senior vice president Engineered Materials. “The reputation of the Santoprene brand in TPV is consistent with Engineered Materials’ flagship brands including Hostaform in POM and GUR 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.”