International. Celanese Corporation announced that it has successfully completed the sale of its emulsion unit (vinyl and acrylics) in La Canonja (Tarragona), Spain. Financial details of the transaction were not disclosed.
IQOXE, a Tarragona-based petrochemical company that specializes in the production of ethylene oxide, glycols and ethylene oxide derivatives, acquired Celanese's operation of the atmospheric emulsions unit of the 25,000-meter production plant with 29 employees. Under a multi-year agreement, the buyer will produce certain emulsion products for which Celanese will remain the market channel for the Mowilith and Celvolit brands.
Celanese launched the sale process of its two atmospheric emulsion production units and VAE (vinyl-ethylene acetate) in Tarragona in March 2015, with the intention of finding a credible buyer for both facilities. The sale was driven by a review of Celanese's company's global strategy, which also included an assessment of the company's global manufacturing facilities. In support of the company's emulsion polymer business, the manufacturing footprint strategy favors integrated production sites that provide critical economies of scale.
According to the official statement, Celanese strove to identify credible buyers who could ensure sustainable operations, retain employees and meet the financial criteria defined by the company to ensure successful future operations for both emulsion units in Tarragona. However, no credible buyer was found for the VAE emulsion production unit; therefore, Celanese also announces the closure of the VAE unit. The consultation process concluded with local employee representatives to mitigate the social impact of this closure on those affected. Production at the VAE unit ceased at the end of October.
