Texas-based Celanese Corp. has completed the €11 billion acquisition of the majority of DuPont’s Mobility & Materials (M&M) business, the company announced 1 Nov. Celanese announced the acquisition of M&M in February 2022.
The transaction includes a broad portfolio of engineered thermoplastics and elastomers, established brands and intellectual property and global production assets, among which the entire Engineering Polymers business and select product lines within the Performance Resins and Advanced Solutions business lines. Combined, the businesses generated net sales of approximately €3.5 billion and operating EBITDA of about €800 million last year.
The transaction was cleared by the European Commission subject to Celanese’s divestment of its global TPC business to Taro Plast, an Italian producer of engineering plastics in connection with EU antitrust concerns. Following the Commission’s conditional approval decision on 11 October, on 28 October Celanese successfully secured an approval decision from the Commission for Taro Plast’s purchase of the TPC divestment business.
This included Celanese's production facility in Ferrara, Italy; and the Pibiflex and Riteflex TPC brands.
“We are excited to welcome the M&M team to Celanese and I want to thank the teams that worked diligently to successfully close this acquisition today,” said Lori Ryerkerk, chairman and chief executive officer.
“As one team, we will be better positioned to elevate the growth trajectory of engineered materials and to create value for our customers and shareholders,” she said.
DuPont has retained its Auto Adhesives, Multibase and Tedlar product lines following the sale, which combined generated net sales of approximately €950 million and operating EBITDA of approximately €120 million in 2021.