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Celanese Shareholders Elect Independents to Board of Directors.


DALLAS -- Celanese Corporation (NYSE NYSE

See: New York Stock Exchange
:CE), a global hybrid chemical company, today announced that Martin G. McGuinn and John K. Wulff were elected to its board of directors at a special meeting of shareholders held today in Dallas.

McGuinn and Wulff will serve on the Celanese board as independent directors until the company's 2008 annual meeting of shareholders. McGuinn will serve on the company's audit committee and Wulff will serve on the company's compensation committee.

"We are extremely pleased to have these outstanding business executives on the Celanese board," said David Weidman, president and chief executive officer. "Their experience and qualifications will serve us well as we continue to transform our company and create value for our shareholders."

The Celanese board is now comprised of 11 directors, which includes 6 independent directors. Celanese became a non-controlled company as a result of the sale of shares by funds affiliated with The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, , L.P. in May 2006. Today's election accelerated the company's compliance with the New York Stock Exchange New York Stock Exchange (NYSE)

World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City.
 requirement to have a majority of independent directors on the board within 12 months of the transaction.

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 $6.1 billion in 2005, with approximately 60% generated outside of North America. Known for operational excellence and relentless 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 9,300 employees worldwide. For more information on Celanese Corporation, please visit the company's website at www.celanese.com.
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Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:4EUGE
Date:Aug 14, 2006
Words:284
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