Celanese sells Spanish atmospheric emulsions unit IQOXE

Celanese sells Spanish atmospheric emulsions unit to IQOXE

11:08 AM, 5th December 2015
Celanese sells Spanish atmospheric emulsions unit to IQOXE

DALLAS, US: Celanese Corporation said that it has successfully concluded the sale of its atmospheric (vinyl and acrylics) emulsions unit in La Canonja (Tarragona), Spain to IQOXE, a Tarragona-based petrochemical company and on the other hand it will close the VAE unit. Financial details of the transaction were not disclosed.

Celanese launched the sale process for both its atmospheric and VAE (vinyl acetate-ethylene) emulsions production units in Tarragona in March 2015.

IQOXE Company, producer of ethylene oxide, glycols and ethylene oxide derivatives, is acquiring the operation from Celanese of the 25,000mt 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.

The company will close the VAE unit as it did not find a credible buyer. The consultation process has been concluded with local employee representatives and production at the VAE unit ceased at the end of October, it said.

Celanese will continue to supply its VAE emulsions customers from the company’s European emulsions production network, it said.

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