TMCnet News
Celanese Acquires Assets of Cool Polymers, Inc.DALLAS & NORTH KINGSTOWN, R.I. --(Business Wire)-- Celanese Corporation (NYSE: CE), a global technology and specialty materials company, today announced the acquisition of substantially all of the assets of Cool Polymers, Inc., based in North Kingstown, R.I. The acquisition will accelerate Celanese's growth in the conductive polymers market by building on Cool Polymers' strong product portfolio and technical capabilities. Financial details of the transaction were not disclosed. Cool Polymers is a leading compounder of conductive polymers. The company's technical capabilities in the LED (light-emitting diode) market will allow for immediate customer growth while continuing to advance Celanese's engineered materials business across thermal management and electrical conductivity polymer applications. "Cool Polymers has a strong technology position, advanced polymer formulation and compounding capabilities, and a product portfolio that can meet the global demand for innovative conductive polymer materials," said Phil McDivitt, vice president and general manager of the engineered materials business of Celanese. "We see substantial opportunity to create customer value with the acquisition of Cool Polymers." In acquiring the Cool Polymers business, Celanese will also add to its engineered materials portfolio the products of Cool Polymers, including:
"Cool Polymers brings formulation, prototyping, molding and testing capabilities that will complement Celanese's expertise in polymer chemistry, compounding operations and par design," concluded McDivitt. "With more than 50 years of technical and application development expertise in engineered materials, Celanese is uniquely positioned to help customers develop innovative products and solutions to meet their design and operational challenges." "We are excited to join Celanese and to benefit from their global reach in serving current and future CoolPoly® customers around the world. The combination of our thermal expertise and Celanese's leadership in materials technology positions us to continue to bring great solutions to our customers," said Kevin McCullough, general manager of Cool Polymers. Cool Polymers customers should continue to work directly with their current account representative for order placement, product and customer service, and ongoing account and billing needs. About Celanese Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. With sales almost equally divided between North America, Europe and Asia, the company uses the full breadth of its global chemistry, technology and business expertise to create value for customers and the corporation. Celanese partners with customers to solve their most critical needs while making a positive impact on its communities and the world. Based in Dallas, Texas, Celanese employs approximately 7,400 employees worldwide and had 2013 net sales of $6.5 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com. All registered trademarks are owned by Celanese International Corporation or its affiliates. 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 and other information that is not historical information. When used in this release, the words "outlook," "forecast," "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," 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, including the announced asset purchase transaction. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release, including with respect to the acquisition. Numerous factors, many of which are beyond the company's control, could cause actual results to differ materially from those expressed as forward-looking statements. Other 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. |
