DALLAS--(EON: Enhanced Online News)--Celanese Corporation (NYSE: CE), a global technology and specialty materials company, and Nilit, a major independent producer of high performance nylon polymers, fibers and compounds, today announced they have signed a definitive agreement for Celanese to acquire Nilit Plastics, the nylon compounding division of Nilit. Celanese will acquire Nilit Plastics’ nylon compounding product portfolio as well as customer agreements and manufacturing, technology and commercial facilities. Nilit will retain ownership of the nylon fibers and nylon polymerization businesses worldwide, including facilities in Israel, the United States, China, and Brazil. Financial details of the transaction are not being disclosed at this time.
“Nylon compounds continue to be a material of choice in automotive, E&E, consumer and industrial applications, and this acquisition delivers on Celanese’s intention to complement its broad portfolio by becoming a leading, global nylon compound supplier”
“Nylon compounds continue to be a material of choice in automotive, E&E, consumer and industrial applications, and this acquisition delivers on Celanese’s intention to complement its broad portfolio by becoming a leading, global nylon compound supplier,” said Scott Sutton, Celanese executive vice president and president of Materials Solutions. “Celanese will extend its global leadership position in the engineered materials business with the acquisition of Nilit Plastics as nylon continues to be adopted in growth industries where Celanese is already focusing significant product, solution and customer-focused development activities.”
“The nylon product portfolio of Nilit Plastics is one of the broadest in the market for polyamide compounds. This breadth is matched by the company’s expertise in compounds based on polyamides and an in-depth knowledge of target markets and applications,” said Ilan Melamed, managing director of Nilit Plastics. “Nilit Plastics is regarded by the market and its customers as a solution provider with its ability to develop and produce compounds exactly fit for the application. We are pleased to join Nilit Plastics with the Celanese family and bring our world-class products, technology and valued employee base to a global engineered materials leader where both our products and people will continue to grow.”
Celanese expects to integrate Nilit Plastics’ nylon compounding product portfolio (http://www.nilit.com/plastics/) and production capabilities into the Celanese engineered materials business to include the following registered brands:
- FRIANYL® flame retardant grades for electrical and electronics industries, meeting most stringent industry requirements, and in almost all colors.
- NILAMID® technical grades for industrial and automotive applications.
- NILAMID® specialty portfolio for extended performance requirements in terms of thermal, electrical, mechanical and tribological properties in particular.
- ECOMID® grades containing high-quality polyamide fibers and textile recycled for a combination of quality, high lot-to-lot consistency and competitiveness.
(The most recent additions to the NILIT Plastics range, developed to cater to new market trends, include “XS” and “XT” types. NILAMID® XS grades are compounds based on semi-aromatic polyamides, and FRIANYL® XT and NILAMID® XT are compounds based on polyphthalamide (PPA) provide superior performance, particularly in terms of high heat resistance and mechanical strength.)
Nilit Plastics makes compounds based on polyamide 6 and 6,6 (PA6 / PA66) as well as different types of partially aromatic polyamides, including polyphthalamide (PPA). The division is dedicated to high quality specialties and has developed more than 3,000 different formulations in the last 40 years. Many of these compounds have been certified by independent authorities and more than 85 compounds are UL and VDE listed for flammability and electrical performances. Nilit Plastics has compounding production facilities in Europe and China.
The parties expect to complete the transaction in the second quarter of 2017, pending customary closing conditions and regulatory approvals. Until closing, Celanese and Nilit Plastics will continue to operate as independent businesses.
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. Our two complementary business cores, Acetyl Chain and Materials Solutions, use the full breadth of Celanese’s global chemistry, technology and business expertise to create value for our customers and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,000 employees worldwide and had 2015 net sales of $5.7 billion. For more information about Celanese and our product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.
All registered trademarks are owned by Celanese International Corporation or its affiliates.
Founded in 1969, Nilit (www.nilit.com) is an independent global producer of high performance nylon polymers, fibers and compounds. Nilit works closely with its international customer base from offices and production sites in Israel, the United States, Europe, Latin America, and China. Nilit is committed to creating innovative, customized nylon (polyamide) 6.6 solutions. With expertise in polymerization and compounding, as well as spinning and texturing, Nilit is known for its innovation and its tailored solutions for customers in the industries served. Nilit offers a comprehensive range of quality products and services for apparel and engineering thermoplastics applications.
This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions, including the announced acquisition. There can be no assurance that the company or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release, including with respect to the acquisition. Numerous factors, many of which are beyond the company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in the company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.