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Air Products Completes Sale of Polyvinyl Alcohol Business to Celanese

January 26, 2001
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LEHIGH VALLEY, Pa.– Air Products and Chemicals, Inc., has completed the sale of its polyvinyl alcohol business to Celanese AG, Kronberg, Germany, for $326 million. Included in the sale are facilities in Pasadena, Texas, and Calvert City, Ky., that produce nearly 200 million pounds per year of polyvinyl alcohol and employ approximately 200 people.

Commenting on the divestiture, Andrew E. Cummins, Chemicals Group vice president, said, “Over the years the polyvinyl alcohol team has worked hard to develop a solid business – the leadership position in the United States and Number Two in the world. However, changes in the business’s competitive landscape and periodic raw-material cost pressures, such as those from vinyl acetate monomer, have prevented us from securing a global leadership position and delivering consistent, acceptable levels of return relative to the rest of the businesses in our Chemicals Group. Therefore, in line with the company’s strategy of optimizing its business portfolio, we have made the decision to sell the business.”

Air Products and Chemicals, Inc., is the world’s only combined gases and chemicals company. Founded nearly 60 years ago, Air Products has annual revenues of $5 billion and locations in more than 30 countries. For more information, visit www.airproducts.com.

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