Celanese (CE) Closes Next Polymers Buyout, Expands In India
Zacks Investment Research | Jan 02, 2019 09:02PM ET
Celanese Corporation (NYSE:CE) has completed the acquisition of one of India’s largest engineering thermoplastics (ETP) compounders, Next Polymers Ltd. However, financial details of the deal have been kept under wraps.
In October 2018, the company entered into a definitive agreement to buy Next Polymers. The buyout complements Celanese’s growing business in India and strengthens its position as a leader in India’s ETP market by broadening its capability to serve nylon and other engineered materials customers with high product quality and service level. Moreover, the acquisition offers customers with wide range of polymer products.
Per Celanese, the buyout further expands the company’s global manufacturing footprint with topnotch domestic compounding facility and 10 production lines to support customers in a fast-growing market and leverage export base. Moreover, the acquisition reinforces Celanese’s commitment to waste reduction by compounding polymers with post-industrial content.
Headquartered in Mumbai, Next Polymers specializes in custom compounding of several ETP materials with a compounding production facility of roughly 20 kilo tons per annum located in India’s union territory of Dadra & Nagar Haveli.
In the past six months, Celanese has underperformed theOriginal post
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