MOSCOW (MRC) -- Italian compounder SO.F.TER. Group has announced it has signed a definitive agreement to be acquired by Celanese Corporation. Celanese will acquire the complete product portfolio of thermoplastic elastomers and engineering thermoplastics as well as all customer agreements and all manufacturing, technology and commercial facilities, reported GV.
The Italian group is one of the largest independent compounders worldwide and the acquisition will nearly double the number of Celanese’s global engineered materials product platforms. The companies have not disclosed financial details. Celanese expects to complete the acquisition in Q4/2016, pending customary closing conditions and regulatory approvals. Until closing, Celanese and SO.F.TER. Group will continue to operate as independent businesses.
SO.F.TER. Group began operations in 1980 in Italy by manufacturing polymeric compounds for the shoemaking industry. Today, SO.F.TER. Group has approximately 550 employees in Italy, Mexico, Brazil and the United States and has 55 production lines across four manufacturing facilities in Europe and four manufacturing facilities in the Americas.
"This is the next step in the evolution of Celanese to further extend our global leadership position in the engineered materials market," said Scott Sutton, Celanese executive vice president and president of Materials Solutions. "SO.F.TER. Group is a leader in the design, development and production of ETPs and TPEs with a fast and flexible customer-oriented business model that will integrate well within the Materials Solutions core of Celanese. This acquisition continues Celanese’s focus on bringing technical expertise, production and compounding capabilities closer to our valued customers by extending our footprint with industry leading products and capabilities in Italy, Mexico, Brazil and the United States."
Celanese expects to integrate SO.F.TER. Group’s full product portfolio and production capabilities into the Celanese engineered materials business.
As MRC informed before, continuing the company's strategy to add production facilities close to growing demand, in late September 2016, Celanese Corporation began production in its newest vinyl acetate ethylene (EVA) production unit. The unit is located at the Celanese manufacturing facility on Jurong Island, Singapore, and will support the growing demand for ecologically friendly materials in the Southeast Asia region including Australia, India and New Zealand.
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 7,500 employees worldwide had 2015 net sales of USD5.7 billion.
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