Celanese Resolves Legacy Items.Settles Lawsuit and Announces Intent to Divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. Interest in Certain Site Services Ventures DALLAS -- Celanese Corporation (NYSE NYSE See: New York Stock Exchange : CE) today announced actions to resolve certain legacy items. The company entered into a settlement agreement with the plaintiffs in the consolidated proceeding styled In re Polyester Staple Antitrust Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , MDL MDL - (Originally "Muddle"). C. Reeve, Carl Hewitt and Gerald Sussman, Dynamic Modeling Group, MIT ca. 1971. Intended as a successor to Lisp, and a possible base for Planner-70. Basically LISP 1.5 with data types and arrays. 1516, previously disclosed in the company's periodic reports filed pursuant to the Securities Exchange Act of 1934. Pursuant to the settlement agreement, the plaintiffs have dismissed their claims in consideration of a payment by the company of $107 million. The litigation related to sales by the polyester staple fibers business, which Hoechst AG Hoechst AG was a German life-sciences company that became Aventis after its merger with Rhône-Poulenc S.A. in 1999. It has been called "The pharmacy of the world" due to its important role in the world's drug market. sold to KoSa, Inc. in 1998. In 1999, Celanese was demerged from Hoechst. This settlement resolves a substantial portion of the company's potential exposure with respect to sales of polyester staple fiber. Additional terms were not disclosed. The company also announced its intent to divest its ownership interest in several legacy Infraserv investments where Celanese no longer has manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . The Infraserv investments, located in Knapsack, Gendorf, and Wiesbaden, Germany, own and develop industrial parks and provide on-site general and administrative support to tenants. These businesses contributed a total of approximately $9 million in pre-tax earnings to Celanese in 2007. As a global leader in the chemicals industry, Celanese Corporation makes products essential to everyday living. Our products, found in consumer and industrial applications, are manufactured 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. 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 totaled $6.4 billion in 2007, with approximately 70% generated outside of North America. Known for operational excellence and execution of its business strategies, Celanese delivers value to customers around the globe with innovations and best-in-class technologies. Based in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , the company employs approximately 8,400 employees worldwide. For more information on Celanese Corporation, please visit the company's website 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 plans, objectives, goals, strategies, future revenues or performance, capital expenditures, financing needs 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. 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 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. |
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