Celanese Corporation (NYSE:CE) today announced business revitalization plans for its Emulsions & PVOH (polyvinyl alcohol) business, including global manufacturing restructuring and an R&D and technology realignment, which will better position the business for sustainable, profitable growth.
“Our goal is to create a stronger, more competitive position for our business. This plan will help us accelerate product innovation and global market penetration while reducing costs in the wake of product and market shifts,” said Doug Madden, president, Celanese Acetate, Emulsions & PVOH. “We will continue to meet our customer requirements as we transition out of underutilized assets.”
As part of the plan, Celanese announced capacity rationalization across select European and North American sites and functions. Celanese expects that the restructuring will be completed in the next 18 months with uninterrupted service to customers.
This plan is consistent with Celanese’s corporate strategy to revitalize underperforming businesses, as discussed at the company’s Investor Day in December 2006.
As a global leader in the chemicals industry, Celanese Corporation makes products essential to everyday living. Our products, found in consumer and industrial applications, are manufactured in North America, Europe and Asia. Net sales totaled $6.7 billion in 2006, with approximately 60% generated outside of North America. Known for operational excellence and execution of its business strategies, Celanese delivers value to customers around the globe with innovations and best- in-class technologies. Based in Dallas, Texas, the company employs approximately 8,900 employees worldwide. For more information on Celanese Corporation, please visit the company's website at www.celanese.com.
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, capital expenditures, financing needs 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. 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. 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.Certain of these risk factors 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.
