Abstract
Celanese is selling its 45% stake in the Asian engineering plastics joint venture Polyplastics to its partner, Daicel, for $1.6 billion. Established in 1964, Polyplastics has about $1.2 billion in annual sales of polyacetal, liquid crystal polymers, and polyphenylene sulfide. Celanese makes the same polymers, which has caused friction in a mostly cooperative relationship. “Amid the changing business environment, there were occasions when we had a dispute over intellectual property rights and a disagreement over the further growth of Polyplastics,” a Daicel statement says. Celanese CEO Lori Ryerkerk promises to reallocate capital to higher-growth businesses.
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