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Celanese, Wacker conclude sale of Vinnolit and Vintron to Advent International
The sale of Vintron resulted in a loss which will be covered by one time charges taken by Celanese in the fourth quarter of 1999 and the first quarter of 2000. In the first half of this year, Vintron had sales totaling approximately €60 million.
The parties have agreed not to disclose the proceeds from the sale of the Vinnolit group. Vinnolit had sales of €428 in 1999 and approximately €260 million in the first half of the year.
Vinnolit is one of the leading European PVC manufacturers with an output capacity of 570 kt/a. In cooperation with Vintron, which has begun work on an expansion project in order to safeguard the supply of raw materials to Vinnolit, a competitive group will be created with a highly efficient value chain.
Advent International is a leading private equity firm which advises institutional funds. It was founded in 1984 and currently has around $3.5 billion under management. Advent and its institutional funds have financed more than 400 companies in a variety of industries worldwide and they intend to further develop Vinnolit and Vintron's operations in order to better equip the two companies to meet the growing demands of their customers.
The divestitures represent the final significant step in Celanese AG's strategy of focussing on its core businesses Acetyl Products, Solvents and Intermediates, Acrylates, Technical Polymers and Performance Products by divesting non-core operations.
For Wacker-Chemie - whose core business areas are polymers and specialty chemicals, hyperpure silicon for the semiconductor industry, silicons and ceramic materials - these transactions represent the end of almost 65 years in the PVC sector.
Celanese AG is a global chemicals company with leading positions in its key products and world class process technology. The Celanese portfolio consists of five main businesses; Acetyl Products, Acetate Products, Chemical Intermediates, Technical Polymers and Performance Products. The Performance Product business consists of OPP polypropylene films and food ingredients.
Celanese generated sales of around € 4.3 billion (excluding discontinued operations) in 1999 and has about 14,600 employees. Based near Frankfurt, the company has 32 production plants and five research centers in eight countries mainly in North America, Europe and Asia. Celanese AG shares are listed on the Frankfurt stock exchange (stock exchange symbol CZZ) and on the New York Stock Exchange (symbol CZ).
Further information can be found on the Celanese Website: www.celanese.com
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