Celanese Receives $75 Million in Transaction Related to Vinnolit Divestiture.DALLAS -- Celanese Holding GmbH, an indirect, wholly-owned subsidiary of Celanese Corporation (NYSE NYSE See: New York Stock Exchange :CE), has received in the first quarter approximately $75 million (EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 56 million) from Vinnolit Cayman Ltd. and Vinnolit Luxembourg S.a r.l. for the sale of receivables related to loans that Celanese had granted as part of its divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of Vinnolit GmbH in 2000 to private equity funds advised by Advent International Advent International - a long-established and leading global private equity investor Background Advent was founded in 1984 by Peter Brooke and Clint Harris to focus on international private equity investing. . Celanese also sold its remaining 4.54% interest in Vinnolit Holdings GmbH in this transaction. Celanese does not anticipate that this transaction will impact net earnings. Celanese Corporation (NYSE:CE) is an integrated global producer of value-added industrial chemicals based in Dallas. The Company is the #1 or #2 producer of products comprising the majority of its sales and has four major businesses: Chemicals Products, Technical Polymers Ticona, Acetate Products and Performance Products. Celanese has 29 production plants, with major operations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. In 2004, Celanese Corporation and its predecessor had combined net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $5.1 billion. The presentation of combined net sales of Celanese Corporation with its predecessor is not in accordance with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . For more information on Celanese Corporation including a reconciliation of the combined net sales, please visit the company's Web site at www.celanese.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release may contain "forward-looking statements," which include information concerning the company's future performance. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs 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. 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. Certain of these risk factors are discussed in the company's Registration Statement on Form S-1 at the SEC's website at www.sec.gov. 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. |
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