Celanese Announces Intent to Divest Micromax ® Business to Advance Deleveraging and Cash Generation Efforts
DALLAS--(BUSINESS WIRE)--Celanese Corporation (NYSE: CE), a global specialty materials and chemical company, today announced its intent to divest its Micromax ® portfolio of products. The Company's Board and management are confident in the significant value created by a divestment while advancing Celanese's strategic priority of cash generation and deleveraging.
'Our primary focus continues to be aggressively and prudently deleveraging our balance sheet, and this strategy includes regularly reviewing our assets,' said Scott Richardson, Celanese's president and chief executive officer. 'As I've shared previously, we are actively exploring several opportunities for cash generation, including the divestiture of the Micromax ® portfolio of products."
Celanese's Micromax ® business is a leading global supplier of advanced electronic inks and pastes designed for high-performance electronics and is expected to generate over $300 million in 2025 revenue. These materials are used in a variety of applications, including navigation and defense, medical monitoring and advanced circuit board components. Micromax ® products are known for durability, flexibility, and performance in harsh environments. The portfolio includes conductive, resistive, and dielectric thick film inks, as well as Low-Temperature Co-fired Ceramic (LTCC) materials for creating multilayer circuits.
'Micromax ® provides mission-critical solutions to customers across a diverse range of industries such as aerospace, healthcare, and transportation and is well-positioned to benefit from accelerated growth in those end uses. Micromax ® is poised to take advantage of numerous macro trends, including miniaturization, wearable tech, and the EV transition. Through this divestiture, our team at Celanese can sharpen its focus on our high-growth assets within our existing operating models that will unlock shareholder value and increase cash flow.'
The completion of any separation transaction will be contingent upon various conditions and approvals, including approval by Celanese's board of directors, receipt of requisite regulatory clearances and compliance with applicable U.S. Securities and Exchange Commission requirements. No assurance can be given regarding the form that a transaction may take or the specific terms or timing, or that a sale will in fact occur.
Morgan Stanley & Co. LLC is acting as financial advisor on the transaction and Kirkland & Ellis LLP is providing legal counsel.
For more information on Celanese and the Micromax ® portfolio of products, visit www.Celanese.com.
Celanese is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese employs more than 11,000 employees worldwide with 2024 net sales of $10.3 billion.
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