Celanese to Consider Breakup in Strategic Review
Celanese to Consider Breakup in Strategic Review
(Bloomberg) -- Celanese Corp. is undertaking a strategic review that could include a breakup of the chemicals producer, according to people familiar with the matter.
The Irving, Texas-based company is working with a financial adviser, said the people, who asked to not be identified because the matter isn’t public. The review is at an early stage, no final decision has been made and Celanese could opt against breaking up, the people said.
A representative for Celanese declined to comment.
Celanese rose 3.2% in after-hours trading to $123.38. Shares in the company, which has a market value of about $14.8 billion, have risen more than 9% in the past year.
Celanese has three main business segments, according to its annual report. Engineered materials produces polymers used in automotive parts, sprinkler systems, conveyor belts and a range of other products. The acetate tow business makes a fiber that is primarily used in cigarette filters and its acetyl chain unit makes materials for use in paints, adhesives and coatings, among other things.
The company has been led since May by Chief Executive Officer Lori Ryerkerk, who succeeded Mark Rohr.
--With assistance from Aaron Kirchfeld.
To contact the reporter on this story: Kiel Porter in Chicago at kporter17@bloomberg.net
To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks, Michael Hytha
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