Celanese Corporation increases share repurchase authorization to USD500 Million

MOSCOW (MRC) -- Celanese Corporation, a global technology and specialty materials company, has announced that the company's board of directors increased its share repurchase authorization to USD500 million, as per the company's press release.

As of September 30, 2014, the company had USD199 million remaining under its previous authorizations. The authorization gives management discretion in determining the timing and conditions under which shares may be repurchased.

As MRC wrote before, Celanese Corporation has increase the price of vinyl acetate-based emulsions sold in the Americas. Thus, PVAc homopolymer, vinyl acetate ethylene (EVA) and vinyl acrylic emulsions will increase by up to USD0.05/wet pound effective November 1, 2014, or as contracts allow. This price increase affects all applications including, but not limited to, adhesives, paints and coatings, building products, nonwovens, glass fiber, carpet, paper and textiles.

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Texas, Celanese employs approximately 7,400 employees worldwide and had 2013 net sales of USD6.5 billion.
MRC

MOSCOW (MRC) -- Net income of Hungarian petrochemicals company TVK, a unit of oil and gas company MOL, rose 87% to HUF 4.8 bln in Q3 from the same period a year earlier as margins improved, an earnings report published today shows, said Bbj.

Revenue fell 7% to HUF 94.9 bln, but cost of raw materials and consumables dropped over 10% to HUF 82.5 bln and total operating costs were down more than 9% at HUF 88.3 bln.

As MRC wrote before, Tisza Chemical Group (TVK) approved the basic engineering package submitted by the Lurgi/OTF consortium for a new 130,000-t/y butadiene unit to be built in Tiszaujvaros, Hungary. TVK’s MOL subsidiary last year notified the Budapest Stock Exchange of its plan to build a butadiene plant in
Tiszaujvaros, but did not disclose the plant’s capacity or a construction schedule.

Tiszai Vegyi Kombinat (TVK) is a Hungarian manufacturer of olefins and polyolefins such as polyethylene and polypropylene. Feedstock is supplied by MOL of which TVK is a subsidiary and which also processes a major portion of resulting by-products from the olefins plant.

MRC

MOSCOW (MRC) -- Celanese Japan Limited, a wholly owned subsidiary of Celanese Corporation, a global technology and specialty materials company, and Setsunakasei Co. Ltd. (Setsunan) of Osaka, Japan, have signed a letter of intent to pursue an agreement whereby Setsunan will compound Celanese engineered polymers in Setsunan's facilities in Japan, reported Celanese in its press release.

"Setsunan has strong compounding capabilities and can meet the technical and specification requirements of our customers," said Hajime Suzuki, president of Celanese Japan Ltd. "Our agreement with Setsunan will further enable Celanese to position our world-class engineered materials portfolio to our key customers in Japan to meet their local requirements."

"With more than 50 years of global technical and application development expertise in engineered materials, Celanese is uniquely positioned to help Japanese customers develop innovative products and solutions to meet their design and operational challenges," said Isaac Khalil, global business director for the engineered materials business of Celanese.

Celanese engineered polymers are very versatile and are used in a wide array of applications across many industries, including automotive, consumer and industrial segments. These polymers may be processed by injection molding, extrusion, compression molding, rotational casting or blow molding. The polymer can be modified with glass fibers, minerals, conductive fillers, lubricants, pigments and many other additives to enhance the functionality for diverse end-use customer applications.

As MRC wrote previously, Celanese Corporation has increased the price of vinyl acetate-based emulsions sold in the Americas. Thus, PVAc homopolymer, vinyl acetate ethylene (VAE) and vinyl acrylic emulsions rose by up to USD0.05/wet pound effective November 1, 2014, or as contracts allow. This increase was attributed to the continued pressures on raw materials, notably vinyl acetate monomer (VAM), and freight.

This price increase affected all applications including, but not limited to, adhesives, paints and coatings, building products, nonwovens, glass fiber, carpet, paper and textiles.

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Texas, Celanese employs approximately 7,400 employees worldwide and had 2013 net sales of USD6.5 billion.
MRC

MOSCOW (MRC) -- Export prices for European polystyrene (PS) and styrene plastics for customers in the CIS countries will remain unchanged in November, according to ICIS-MRC Price report.

Market players said European PS producers do not intend to adjust prices in November compared to October. The main reason for the prices roll-over are steady contract prices of styrene.

As reported earlier, European styrene prices were set at EUR1,390/tonne FOB ARA (Amsterdam-Rotterdam-Antwerp).

Importers interviewed by MRC have already partially received new PS prices for November shipments. Buyers said producers maintained their prices. At the same time, costs for PS purchasing have been growing. Prices in euro remained steady, but the fall of the rouble and hryvnya against the euro has led to higher purchasing costs, said consumers of imported material PS in Russia and Ukraine.
MRC

MOSCOW (MRC) -- Nizhnekamskneftekhim, the largest producer of high impact polystyrene (HIPS) and general purpose polystyrene (GPPS) in Russia and the CIS countries, has maintained its October contract prices for November, according to ICIS-MRC Price report.

Traders that sell polystyrene have not adjusted their Nizhnekamskneftekhim's HIPS and GPPS prices for November shipments either. The average HIPS price was at Rb87,000/tonne CPT Moscow, including VAT, whereas the average GPPS price was heard at Rb82,000/tonne CPT Moscow, including VAT.

According to MRC's data, Nizhnekamskneftekhim accounts for 78.6% in the structure of the overall GPPS and HIPS production in Russia over the first three quarters of 2014.
MRC