Celanese Says On Pace To Meaningfully Exceed Full Year Objective To Reduce Net Debt By $1B In 2023
Portfolio Pulse from Benzinga Newsdesk
Celanese has completed the formation of Nutrinova, a Food Ingredients joint venture with Mitsui & Co., Ltd. Celanese contributed its Food Ingredients business assets, technology, and employees, retaining a 30% stake. Mitsui acquired the remaining 70% stake for $472.5 million. The company plans to use the transaction proceeds to execute its deleveraging plan in the third quarter.
September 27, 2023 | 8:28 pm
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POSITIVE IMPACT
Celanese's joint venture with Mitsui and the subsequent deleveraging plan could potentially strengthen the company's financial position.
The formation of the joint venture and the sale of a 70% stake to Mitsui provides Celanese with significant capital, which it plans to use for deleveraging. This could reduce the company's financial risk and potentially improve its stock performance.
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