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Celanese faces profit down in Q1

April 26/2012

(Reuters) -- Celanese Corp (CE.N) expects weakness in Europe and much of Asia to linger longer than initially anticipated this year, news that sent the chemical maker's stock down more than 3 %.

The company, which reported lower-than-expected quarterly profit on Tuesday, is the world's largest producer of acetyl intermediate chemicals, which are used to make paints and glues. Celanese also is a large producer of acetate tow, used to make cigarette filters.

"We expect the current challenging market conditions in Europe and Asia outside of China to continue further into 2012 than originally anticipated," Chief Executive Mark Rohr said in a press release.Celanese shut an acetic acid plant in Singapore during the first quarter because of tough market conditions in Asia, the top executive for the US-based acetyls producer said on Tuesday.

New Celanese chief Mark Rohr said the 600,000 tonne/year acetic acid plant was taken down at the end of the quarter because of declining margins and demand there.
Author:Anna Larionova
Tags:nonwovens, fibers/filaments, packaging, household goods.
Category:General News
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