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Celanese Divests Emulsion Powders Business To ICI Subsidiaries
Celanese has announced the signing of an agreement to sell its emulsion powders business to National Starch and Chemical Company (NSC) and to Elotex AG, both subsidiaries of Imperial Chemical Industries PLC (ICI) for $25.5 million. Closing of the transaction is subject to regulatory review and approval. The divestment is in line with Celanese's strategy of focusing on those core businesses in which it holds leading market and technology positions. The Celanese emulsion powders business recorded net sales of $40 million in 2004 and has roughly 50 employees, all based in Germany. Redispersible emulsion powders are used in the building and construction industry, primarily for ceramic tile adhesives and surface coatings.