DALLAS--(BUSINESS WIRE)--Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced that its previously announced formation of Nutrinova, a Food Ingredients joint venture (JV) with Mitsui & Co., Ltd., is complete. Celanese contributed the assets, technology and employees of its Food Ingredients business while retaining a 30 percent stake in the JV. Mitsui acquired the remaining 70 percent stake at a purchase price of $472.5 million, representing an enterprise valuation of approximately 15 times 2022 EBITDA.
“We are pleased to have monetized a majority of the Food Ingredients business in a value accretive way and also maintained the demand benefits of raw material integration with the Acetyl Chain,” said Lori Ryerkerk, chairman and chief executive officer. “We will immediately deploy transaction proceeds in the third quarter to execute against our deleveraging plan and are on pace to meaningfully exceed the full year objective to reduce net debt by $1 billion in 2023.”
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders 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 13,000 employees worldwide and had 2022 net sales of $9.7 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com.