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ACETYL CHAIN


SOLUTIONS FOR BUILDING & CONSTRUCTION AND PAINTS & COATINGS APPLICATIONS

From product supplier to solution provider, the Celanese “house” showcases broad
Acetyls portfolio.

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News & Highlights

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DALLAS (August 8, 2024) – Celanese Corporation (NYSE: CE), a global chemical and
specialty materials company, today confirmed that the force majeure declared for
acetic acid and vinyl acetate monomer (VAM) sold in the Western Hemisphere has
ended and the underlying supply chain conditions behind the declaration have
stabilized. 

“We were pleased to be able to meet the product needs of virtually all of our
contracted customers during this challenging period by relying on our integrated
and flexible supply chain model,” said Mark Murray, senior vice president of the
Acetyl Chain. “Celanese is committed to continuing to work closely with all of
our critical raw material suppliers to mitigate the risk of similar events
arising in the future.” 
 
###

 

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We are committed to sustainability by
responsibly managing the materials we create for their entire lifecycle and are
growing our portfolio of sustainable products to meet increasing customer and
societal demand. We strive to make a positive impact in our communities and to
foster inclusivity across our teams. Celanese is a Fortune 500 company that
employs approximately 12,400 employees worldwide with 2023 net sales of $10.9
billion.

 
 
Celanese Contacts:

 

Investor Relations

Media Relations – Global

Bill Cunningham

Brian Bianco

+1 484 905 1129

+1 972 443 4400

william.cunningham@celanese.com      

media@celanese.com

 

Forward-Looking Statements

The information set forth in this release contains certain “forward-looking
statements,” which include information concerning the Company’s plans,
objectives, goals, future revenues, financial performance, expected future costs
and other information that is not historical information. 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 herein. 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 under the heading “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023 and other
filings with the Securities and Exchange Commission. Any forward-looking
statement speaks only as of the date it is made, and the Company undertakes no
obligation to update any forward-looking statements to reflect events or
circumstances after the date the statement is made.

Read More

August 8, 2024

Celanese Corporation Lifts Force Majeure on Western Hemisphere Acetic Acid and
VAM

Dallas, August 1, 2024: Celanese Corporation (NYSE: CE), a global chemical and
specialty materials company, today reported second quarter 2024 U.S. GAAP
diluted earnings per share of $1.42 and adjusted earnings per share of $2.38.
The Company generated net sales of $2.7 billion in the quarter, an increase of 2
percent from the prior quarter, reflecting a sequential increase in volume of 4
percent and sequential decrease in pricing of 2 percent. 

Celanese continued to focus on execution of its controllable action plan,
including driving volume growth through the project pipeline model, lowering
costs through reduction of capacity in high-cost locations, and improving
business efficiency through the integration of the acquired Mobility & Materials
(M&M) businesses into a single SAP ERP system. These actions were especially
impactful during a quarter that presented significant external headwinds. Among
these headwinds were a series of outages and curtailments from multiple
suppliers that led to the Company's declaration of force majeure for acetic acid
and VAM sold in the Western Hemisphere, as well as persistent poor demand
conditions across many of the Company's end-markets. Against the backdrop of
these headwinds, the results reflect meaningful realization of business
improvements from the execution of the Company's action plans. Celanese reported
second quarter operating profit of $250 million, adjusted EBIT of $451 million,
and operating EBITDA of $632 million at margins of 9, 17, and 24 percent,
respectively. 

The difference between U.S. GAAP diluted earnings per share and adjusted
earnings per share in the second quarter was primarily due to Certain Items
totaling $102 million. 

"In the second quarter, we delivered a double-digit sequential expansion of
adjusted EBIT in spite of some of the most severe external challenges we've
faced in many years," said Lori Ryerkerk, chair and chief executive officer.
"The prolonged weak demand environment we have continued to experience over the
past several quarters was compounded by multiple supplier failures that led us
to declare force majeure for acetic acid and VAM sold in the Western Hemisphere.
In this environment, we stayed focused on delivering on our action plan, which
resulted in the highest ever contribution from the Engineered Materials business
in our history. This highlights the importance of our execution focus, and I
thank our teams for their resilience and agility to achieve these results." 

 

Second Quarter 2024 Financial Highlights:

 

Three Months Ended

 

June 30,
2024

 

March 31,
2024

 

June 30,
2023

 

(unaudited)

 

(In $ millions, except per share data)

Net Sales

 

 

 

 

 

Engineered Materials

1,467

 

1,378

 

1,585

Acetyl Chain

1,202

 

1,261

 

1,233

Intersegment Eliminations

(18)

 

(28)

 

(23)

Total

2,651

 

2,611

 

2,795

 

 

 

 

 

 

Operating Profit (Loss)

 

 

 

 

 

Engineered Materials

138

 

89

 

158

Acetyl Chain

242

 

254

 

295

Other Activities

(130)

 

(133)

 

(118)

Total

250

 

210

 

335

 

 

 

 

 

 

Net Earnings (Loss)

153

 

124

 

221

 

 

 

 

 

 

Adjusted EBIT(1)

 

 

 

 

 

Engineered Materials

265

 

201

 

205

Acetyl Chain

277

 

296

 

332

Other Activities

(91)

 

(90)

 

(93)

Total

451

 

407

 

444

 

 

 

 

 

 

Equity Earnings and Dividend Income, Other Income (Expense)

 

 

 

 

 

Engineered Materials

49

 

50

 

20

Acetyl Chain

33

 

36

 

32

 

 

 

 

 

 

Operating EBITDA(1)

632

 

583

 

616

Diluted EPS - continuing operations

$ 1.42

 

$ 1.10

 

$ 2.00

Diluted EPS - total

$ 1.41

 

$ 1.10

 

$ 2.01

Adjusted EPS(1)

$ 2.38

 

$ 2.08

 

$ 2.17

 

 

 

 

 

 

Net cash provided by (used in) investing activities

(91)

 

(151)

 

(163)

Net cash provided by (used in) financing activities

(489)

 

(259)

 

(447)

Net cash provided by (used in) operating activities

292

 

101

 

762

Free cash flow(1)

173

 

(40)

 

611

____________________________

 1. See "Non-US GAAP Financial Measures" below.

Second Quarter Business Segment Overview

Acetyl Chain

The Acetyl Chain delivered second quarter net sales of $1.2 billion, a 5 percent
decrease from the prior quarter. Volume decreased by 1 percent sequentially due
to the effects of the force majeure, delayed timing of opportunistic spot sales,
and muted seasonal improvements. Second quarter pricing across the Acetyl Chain
decreased by 4 percent sequentially. The multiple supplier outages and
curtailments had a significant impact on the ability of Celanese to produce at
the Clear Lake site, the Company's lowest cost and lowest carbon footprint
acetic acid unit. The second quarter total losses of Clear Lake acetic acid
attributable to unplanned supplier disruptions was the highest in over 15 years.
In the face of these headwinds, the Acetyl Chain worked to assure virtually all
customer needs were met. The business delivered second quarter operating profit
of $242 million, adjusted EBIT of $277 million, and operating EBITDA of
$338 million at margins of 20, 23, and 28 percent, respectively. The Acetyl
Chain has continued to exercise the unique optionality of the business model in
the face of chronic low demand. The flexibility of the model allowed the
business to expand volumes in downstream markets in Asia, despite poor demand
conditions, by pivoting to alternate applications with available demand. The
Acetyl Chain will continue to leverage this optionality to optimize outcomes
through the extended demand trough.

Engineered Materials

Engineered Materials reported second quarter net sales of $1.5 billion,
representing a sequential increase of 6 percent. Sequential growth was driven by
a 7 percent increase in volume and stable pricing, partially offset by a small
currency impact. The breadth of volume growth was widespread across the
portfolio, with all 10 of the largest polymer families achieving sequential
growth. This was further bolstered by a favorable mix, primarily in higher
margin products and applications like Vamac® and medical implants, contributing
to the overall volume increase and demonstrating the effectiveness of the
project pipeline model. Engineered Materials delivered second quarter operating
profit of $138 million, record adjusted EBIT of $265 million, and record
operating EBITDA of $375 million. These figures represent margins of 9, 18, and
26 percent, respectively with sequential earnings improvements of 55, 32, and 24
percent. In addition to the volume growth, the sequential improvement in
earnings was driven by incremental synergies and the realization of lower raw
material costs. Synergy capture in the quarter included initial earnings
contributions from previous initiatives such as the closure of nylon 6,6
polymerization in Uentrop, Germany. For the second consecutive quarter, these
strategic actions have lifted the performance of the former M&M product
portfolio to deliver the highest quarterly contribution since the acquisition.

Cash Flow and Tax

Celanese reported second quarter operating cash flow of $292 million and free
cash flow of $173 million, which included cash capital expenditures of $105
million. Celanese returned $77 million in cash to shareholders via dividends in
the quarter. The Company repaid a bond of approximately $500 million that
matured in the second quarter as part of its deleveraging plan.

 

 

The effective U.S. GAAP income tax rate was an expense of 16 percent for the
second quarter compared to a benefit of 2 percent for the same quarter in 2023.
The effective income tax rate for the current year was higher compared to the
same period in 2023, primarily due to current year tax effects related to
internal debt restructuring transactions, prior year non-recurring decreases in
valuation allowances on U.S. foreign tax credit carryforwards due to changes in
forecasted foreign sourced income and expenses during the carryforward period,
and increased earnings in high-taxed jurisdictions related to improved economic
conditions in the current year. The effective tax rate for adjusted earnings was
9 percent based on expected jurisdictional earnings mix for the full year and
consideration of other non-recurring U.S. GAAP items.

Outlook

"We are encouraged to see the tangible realization of our value creation
initiatives in our second quarter results, and we are confident that those
benefits will continue through the year," said Lori Ryerkerk. "Given the
continued lack of evidence of meaningful demand recovery and the increasing
pricing pressure from this low demand environment, our focus will remain on what
we can control to deliver a sustainable earnings lift for Celanese. We expect
the third quarter will bring an easing of the effects of the force majeure, and
further improvements to our business driven by our action plans. Because of our
foundational value creation initiatives, I am confident we will continue to
deliver improved earnings performance in the third quarter and through the
remainder of the year."

The Company anticipates third quarter adjusted earnings per share of $2.75 to
$3.00. Furthermore, based on the effects of the second quarter force majeure and
persistent demand challenges, the Company anticipates full year adjusted
earnings per share of $10.25 to $10.75.

Reconciliations of forecasted non-GAAP measures such as adjusted earnings per
share, adjusted EBIT or free cash flow to the equivalent U.S. GAAP measures
(diluted earnings per share, net earnings (loss) attributable to Celanese
Corporation and net cash provided by (used in) operations, respectively), are
not available without unreasonable efforts because a forecast of Certain Items,
such as mark-to-market pension gains/losses, and other items is not practical.
For more information, see "Non-GAAP Financial Measures" below.

The Company's prepared remarks related to the second quarter will be posted on
its website at investors.celanese.com under Financial Information/Financial
Document Library on August 1, 2024. Information about Non-US GAAP measures is
included in a Non-US GAAP Financial Measures and Supplemental Information
document posted on our investor relations website under Financial
Information/Non-GAAP Financial Measures. See also "Non-GAAP Financial Measures"
below.

Contacts:

 

 

 

 

Investor Relations

 

Media - U.S.

 

Media - Europe

Bill Cunningham

 

Brian Bianco

 

Petra Czugler

Phone: +1 302 999 6410

 

Phone: +1 972 443 4400

 

Phone: +49 69 45009 1206

william.cunningham@celanese.com

 

media@celanese.com

 

petra.czugler@celanese.com

Celanese Corporation is a global leader in chemistry, producing specialty
material solutions used across most major industries and consumer applications.
Our businesses use our chemistry, technology and commercial expertise to create
value for our customers, employees and shareholders. We support sustainability
by responsibly managing the materials we create and growing our portfolio of
sustainable products to meet customer and societal demand. We strive to make a
positive impact in our communities and to foster inclusivity across our teams.
Celanese Corporation is a Fortune 500 company that employs approximately 12,400
employees worldwide with 2023 net sales of $10.9 billion.

 

 

Forward-Looking Statements

This release may contain "forward-looking statements," which include information
concerning the Company's plans, objectives, goals, strategies, future revenues,
cash flow, financial performance, synergies, capital expenditures, financing
needs and other information that is not historical information. 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 results expressed or implied in the forward-looking statements
contained in this release. These risks and uncertainties include, among other
things: changes in general economic, business, political and regulatory
conditions in the countries or regions in which we operate; the length and depth
of product and industry business cycles, particularly in the automotive,
electrical, textiles, electronics and construction industries; volatility or
changes in the price and availability of raw materials and energy, particularly
changes in the demand for, supply of, and market prices of ethylene, methanol,
natural gas, carbon monoxide, wood pulp, hexamethylene diamine and fuel oil and
the prices for electricity and other energy sources; the ability to pass
increases in raw materials prices, logistics costs and other costs on to
customers or otherwise improve margins through price increases; the possibility
that we will not be able to timely or effectively continue to integrate the
Mobility & Materials business (the "M&M Business") we acquired from DuPont de
Nemours, Inc. (the "M&M Acquisition") in order to realize the anticipated
benefits of the M&M Acquisition, including synergies and growth opportunities,
whether as a result of difficulties arising from the operation of the M&M
Business or other unanticipated delays, costs, inefficiencies or liabilities;
increased commercial, legal or regulatory complexity of entering into, or
expanding our exposure to, certain end markets and geographies; risks in the
global economy and equity and credit markets and their potential impact on our
ability to pay down debt in the future and/or refinance at suitable rates, in a
timely manner, or at all; risks and costs associated with increased leverage
from the M&M Acquisition, including increased interest expense and potential
reduction of business and strategic flexibility; the ability to maintain plant
utilization rates and to implement planned capacity additions, expansions and
maintenance; the ability to reduce or maintain current levels of production
costs and to improve productivity by implementing technological improvements to
existing plants; increased price competition and the introduction of competing
products by other companies; the ability to identify desirable potential
acquisition or divestiture opportunities and to complete such transactions,
including obtaining regulatory approvals, consistent with the Company's
strategy; market acceptance of our products and technology; compliance and other
costs and potential disruption or interruption of production or operations due
to accidents, interruptions in sources of raw materials, transportation,
logistics or supply chain disruptions, cybersecurity incidents, terrorism or
political unrest, public health crises (including, but not limited to, the
COVID-19 pandemic), or other unforeseen events or delays in construction or
operation of facilities, including as a result of geopolitical conditions, the
direct or indirect consequences of acts of war or conflict (such as the
Russia-Ukraine conflict or the Israel-Hamas conflict) or terrorist incidents or
as a result of weather, natural disasters, or other crises; the ability to
obtain governmental approvals and to construct facilities on terms and schedules
acceptable to the Company; changes in applicable tariffs, duties and trade
agreements, tax rates or legislation throughout the world including, but not
limited to, anti-dumping and countervailing duties, adjustments, changes in
estimates or interpretations or the resolution of tax examinations or audits
that may impact recorded or future tax impacts and potential regulatory and
legislative tax developments in the United States and other jurisdictions;
changes in the degree of intellectual property and other legal protection
afforded to our products or technologies, or the theft of such intellectual
property; potential liability for remedial actions and increased costs under
existing or future environmental, health and safety regulations, including those
relating to climate change or other sustainability matters; potential liability
resulting from pending or future claims or litigation, including investigations
or enforcement actions, or from changes in the laws, regulations or policies of
governments or other governmental activities in the countries in which we
operate; changes in currency exchange rates and interest rates; our level of
indebtedness, which could diminish our ability to raise additional capital to
fund operations or limit our ability to react to changes in the economy or the
chemicals industry; tax rates and changes thereto; and various other factors
discussed from time to time 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.

 

Non-GAAP Financial Measures

Presentation

This document presents the Company's two business segments, Engineered Materials
and the Acetyl Chain.

Use of Non-US GAAP Financial Information

This release uses the following Non-US GAAP measures: adjusted EBIT, adjusted
EBIT margin, operating EBITDA, operating EBITDA margin, adjusted earnings per
share and free cash flow. These measures are not recognized in accordance with
US GAAP and should not be viewed as an alternative to US GAAP measures of
performance or liquidity. The most directly comparable financial measure
presented in accordance with US GAAP in our consolidated financial statements
for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to
Celanese Corporation; for adjusted EBIT margin is operating margin; for
operating EBITDA margin is operating margin; for adjusted earnings per share is
earnings (loss) from continuing operations attributable to Celanese Corporation
per common share-diluted; and for free cash flow is net cash provided by (used
in) operations.

Definitions of Non-US GAAP Financial Measures

 * Adjusted EBIT is a performance measure used by the Company and is defined by
   the Company as net earnings (loss) attributable to Celanese Corporation, plus
   (earnings) loss from discontinued operations, less interest income, plus
   interest expense, plus refinancing expense and taxes, and further adjusted
   for Certain Items (refer to Table 8 of our Non-US GAAP Financial Measures and
   Supplemental Information document). We do not provide reconciliations for
   adjusted EBIT on a forward-looking basis (including those contained in this
   document) when we are unable to provide a meaningful or accurate calculation
   or estimation of reconciling items and the information is not available
   without unreasonable effort. This is due to the inherent difficulty of
   forecasting the timing and amount of Certain Items, such as mark-to-market
   pension gains and losses, that have not yet occurred, are out of our control
   and/or cannot be reasonably predicted. For the same reasons, we are unable to
   address the probable significance of the unavailable information. Adjusted
   EBIT margin is defined by the Company as adjusted EBIT divided by net sales.

 * Operating EBITDA is a performance measure used by the Company and is defined
   by the Company as net earnings (loss) attributable to Celanese Corporation,
   plus (earnings) loss from discontinued operations, less interest income, plus
   interest expense, plus refinancing expense, taxes and depreciation and
   amortization, and further adjusted for Certain Items, which Certain Items
   include accelerated depreciation and amortization expense. Operating EBITDA
   is equal to adjusted EBIT plus depreciation and amortization. Operating
   EBITDA margin is defined by the Company as operating EBITDA divided by net
   sales.

 * Adjusted earnings per share is a performance measure used by the Company and
   is defined by the Company as earnings (loss) from continuing operations
   attributable to Celanese Corporation, adjusted for income tax (provision)
   benefit, Certain Items, and refinancing and related expenses, divided by the
   number of basic common shares and dilutive restricted stock units and stock
   options calculated using the treasury method. We do not provide
   reconciliations for adjusted earnings per share on a forward-looking basis
   (including those contained in this document) when we are unable to provide a
   meaningful or accurate calculation or estimation of reconciling items and the
   information is not available without unreasonable effort. This is due to the
   inherent difficulty of forecasting the timing and amount of Certain Items,
   such as mark-to-market pension gains and losses, that have not yet occurred,
   are out of our control and/or cannot be reasonably predicted. For the same
   reasons, we are unable to address the probable significance of the
   unavailable information.

Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments")
is determined using the applicable rates in the taxing jurisdictions in which
the Non-GAAP adjustments occurred and includes both current and deferred income
tax expense (benefit). The income tax rate used for adjusted earnings per share
approximates the midpoint in a range of forecasted tax rates for the year. This
range may include certain partial or full-year forecasted tax opportunities and
related costs, where applicable, and specifically excludes changes in uncertain
tax positions, discrete recognition of GAAP items on a quarterly basis, other
pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share
purposes and changes in management's assessments regarding the ability to
realize deferred tax assets for GAAP. In determining the adjusted earnings per
share tax rate, we reflect the impact of foreign tax credits when utilized, or
expected to be utilized, absent discrete events impacting the timing of foreign
tax credit utilization. We analyze this rate quarterly and adjust it if there is
a material change in the range of forecasted tax rates; an updated forecast
would not necessarily result in a change to our tax rate used for adjusted
earnings per share. The adjusted tax rate is an estimate and may differ from the
actual tax rate used for GAAP reporting in any given reporting period. Table 3a
of our Non-US GAAP Financial Measures and Supplemental Information document
summarizes the reconciliation of our estimated GAAP effective tax rate to the
adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP
items due to our inability to forecast such items. As part of the year-end
reconciliation, we will update the reconciliation of the GAAP effective tax rate
to the adjusted tax rate for actual results.

 * Free cash flow is a liquidity measure used by the Company and is defined by
   the Company as net cash provided by (used in) operations, less capital
   expenditures on property, plant and equipment, and adjusted for contributions
   from or distributions to our noncontrolling interest joint ventures. We do
   not provide reconciliations for free cash flow on a forward-looking basis
   (including those contained in this document) when we are unable to provide a
   meaningful or accurate calculation or estimation of reconciling items and the
   information is not available without unreasonable effort. This is due to the
   inherent difficulty of forecasting the timing and amount of items such as
   working capital changes, fluctuations in foreign currency exchange rates, the
   impact and timing of potential acquisitions and divestitures, and other
   structural changes, that have not yet occurred, are out of our control and/or
   cannot be reasonably predicted. For the same reasons, we are unable to
   address the probable significance of the unavailable information.

Reconciliation of Non-US GAAP Financial Measures

Reconciliations of the Non-US GAAP financial measures used in this press release
to the comparable US GAAP financial measure, together with information about the
purposes and uses of Non-US GAAP financial measures, are included in our Non-US
GAAP Financial Measures and Supplemental Information document filed as an
exhibit to our Current Report on Form 8-K filed with the SEC on or about
August 1, 2024 and also available on our website at investors.celanese.com under
Financial Information/Financial Document Library.

Results Unaudited

The results in this document, together with the adjustments made to present the
results on a comparable basis, have not been audited and are based on internal
financial data furnished to management. Quarterly results should not be taken as
an indication of the results of operations to be reported for any subsequent
period or for the full fiscal year.

Supplemental Information

Additional information about our prior period performance is included in our
Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial Measures and
Supplemental Information document.

 

Consolidated Statements of Operations - Unaudited

 

Three Months Ended

 

June 30,
2024

 

March 31,
2024

 

June 30,
2023

 

(In $ millions, except share and per share data)

Net sales

2,651

 

2,611

 

2,795

Cost of sales

(2,010)

 

(2,057)

 

(2,109)

Gross profit

641

 

554

 

686

Selling, general and administrative expenses

(255)

 

(265)

 

(274)

Amortization of intangible assets

(38)

 

(41)

 

(42)

Research and development expenses

(33)

 

(34)

 

(40)

Other (charges)gains, net

(48)

 

(14)

 

(10)

Foreign exchange gain (loss), net

(9)

 

11

 

15

Gain (loss) on disposition of businesses and assets, net

(8)

 

(1)

 

—

Operating profit (loss)

250

 

210

 

335

Equity in net earnings (loss)of affiliates

51

 

55

 

23

Non-operating pension and other postretirement employee benefit (expense) income

2

 

2

 

(2)

Interest expense

(174)

 

(169)

 

(182)

Interest income

10

 

13

 

7

Dividend income - equity investments

31

 

34

 

31

Other income (expense), net

13

 

12

 

4

Earnings (loss)from continuing operations before tax

183

 

157

 

216

Income tax (provision)benefit

(29)

 

(33)

 

4

Earnings (loss)from continuing operations

154

 

124

 

220

Earnings (loss)from operation of discontinued operations

(1)

 

—

 

—

Income tax (provision)benefit from discontinued operations

—

 

—

 

1

Earnings (loss)from discontinued operations

(1)

 

—

 

1

Net earnings (loss)

153

 

124

 

221

Net (earnings) lossattributable to noncontrolling interests

2

 

(3)

 

(1)

Net earnings (loss)attributable to Celanese Corporation

155

 

121

 

220

Amounts attributable to Celanese Corporation

 

 

 

 

 

Earnings (loss) from continuing operations

156

 

121

 

219

Earnings (loss) from discontinued operations

(1)

 

—

 

1

Net earnings (loss)

155

 

121

 

220

Earnings (loss)per common share - basic

 

 

 

 

 

Continuing operations

1.43

 

1.11

 

2.01

Discontinued operations

(0.01)

 

—

 

0.01

Net earnings (loss) - basic

1.42

 

1.11

 

2.02

Earnings (loss)per common share - diluted

 

 

 

 

 

Continuing operations

1.42

 

1.10

 

2.00

Discontinued operations

(0.01)

 

—

 

0.01

Net earnings (loss) - diluted

1.41

 

1.10

 

2.01

Weighted average shares (in millions)

 

 

 

 

 

Basic

109.3

 

109.1

 

108.9

Diluted

109.5

 

109.5

 

109.3

 

Consolidated Balance Sheets - Unaudited

 

As of

June 30,

2024

 

As of

December 31,

2023

 

 

(In $ millions)

ASSETS

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

1,185

 

1,805

Trade receivables - third party and affiliates, ne

1,264

 

1,243

Non-trade receivables, net

662

 

541

Inventories

2,464

 

2,357

Other assets

329

 

272

Total current assets

5,904

 

6,218

Investments in affiliates

1,215

 

1,220

Property, plant and equipment, net

5,382

 

5,584

Operating lease right-of-use assets

381

 

422

Deferred income taxes

1,608

 

1,677

Other assets

579

 

524

Goodwill

6,899

 

6,977

Intangible assets, net

3,844

 

3,975

Total assets

25,812

 

26,597

LIABILITIES AND EQUITY

 

 

 

Current Liabilities

 

 

 

Short-term borrowings and current installments of long-term debt - third party
and affiliates

1,977

 

1,383

Trade payables - third party and affiliates

1,538

 

1,510

Other liabilities

1,106

 

1,154

Income taxes payable

5

 

25

Total current liabilities

4,626

 

4,072

Long-term debt, net of unamortized deferred financing costs

11,058

 

12,301

Deferred income taxes

1,039

 

999

Uncertain tax positions

292

 

300

Benefit obligations

435

 

457

Operating lease liabilities

282

 

325

Other liabilities

471

 

591

Commitments and Contingencies

 

 

 

Shareholders' Equity

 

 

 

Treasury stock, at cost

(5,487)

 

(5,488)

Additional paid-in capital

394

 

394

Retained earnings

13,051

 

12,929

Accumulated other comprehensive income (loss), net

(792)

 

(744)

Total Celanese Corporation shareholders' equity

7,166

 

7,091

Noncontrolling interests

443

 

461

Total equity

7,609

 

7,552

Total liabilities and equity

25,812

 

26,597

 


Read More

August 2, 2024

Celanese Corporation Reports Second Quarter Earnings

DALLAS – July 24, 2024 – Celanese Corporation, a global specialty materials and
chemical company, has introduced new biobased Hytrel® TPC RS40F2, which, when
foamed, is ideal for athletic footwear applications. Incorporating a minimum of
20 percent segregated bio-content, Hytrel® TPC RS40F2 foamed using a physical
supercritical fluid (SCF) foaming process helps support the sustainable
development objectives of athletic footwear brand owners and manufacturers. The
bio-content is verifiable via the C14 method. 

Pristine white foamed biobased Hytrel® TPC RS40F2 is well-suited to the midsole
components of athletic footwear as it delivers lightweighting opportunities
while elevating energy return performance with excellent rebound and resilience
associated with other Hytrel® TPC grades. Hytrel® TPC is widely used in
different industries due to its advantages in lightweighting, heat insulation,
sound absorption, shock resistance, moisture resistance and corrosion
resistance. Hytrel® TPC RS40F2 can be colored to meet design needs while
maintaining material properties.

“This new biobased grade is part of our expanding Hytrel® TPC ECO-B portfolio,”
said Peter Wing, Celanese Global Marketing Manager of Consumer Products. “It
offers numerous benefits for athletic footwear brand owners and manufacturers
that align not only with their sustainability ambitions, but also their
aspirations for elevating shoe performance. We are very excited about how we can
enable athletic footwear designers to redefine the category, as well as the
contributions this new foamed polymer can make across the value chain."

Physical SCF foaming, which is leading a process technology transformation,
results in a unique cell structure with elevated properties and good skin
compatibility. The process itself offers environmental benefits as there are no
corrosive foaming agent residues to impair mechanical properties. Additionally,
it generates low odor/emissions and exhibits no toxicity. 

The traditional use of materials for insoles and midsoles has typically relied
on chemical foaming agents that can generate volatile organic compounds (VOCs),
which react with sunlight to form ground-level smog. This is an environmental
concern.

Celanese is collaborating with Xingxun Enterprise, an innovative processor, to
produce world-class foamed polymer applications. Experts from both companies
have worked together to successfully develop the processing of Hytrel® TPC
RS40F2 shoe soles using physical SCF foaming technology. This new foaming
polymer enables Xingxun to deliver a lower carbon footprint solution to athletic
footwear brand owners. Additional benefits offered include: 

 * Drop-in performance with fossil-based foamable grade where no further
   evaluation is needed.
 * Availability of ISCC+ certified bio-mass balanced Hytrel® TPC materials for
   customers' selection. 

“Celanese proprietary technology allows the bio-content of many of our ECO-B
materials to be tailored, and we look forward to working with customers on their
specific athletic footwear applications," said Wing.

For information on how Celanese materials and technical expertise support the
athletic footwear industry [click here]. 

###

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We support sustainability by responsibly
managing the materials we create and growing our portfolio of sustainable
products to meet customer and societal demand. We strive to make a positive
impact in our communities and to foster inclusivity across our teams. Celanese
is a Fortune 500 company that employs approximately 12,400 employees worldwide
with 2023 net sales of $10.9 billion.

 

For further information contact:
Monique Goor
Celanese Corporation
Mobile: +32 493 319336
monique.goor@celanese.com

 

Read More

July 24, 2024

Celanese Introduces New BioBased Hytrel® TPC for Foamed Athletic Footwear
Applications

DALLAS (July 17, 2024) – Celanese Corporation (NYSE: CE), a global chemical and
specialty materials company, today declared a quarterly cash dividend of $0.70
per share on its common stock, payable August 12, 2024.

The dividend is payable to stockholders of record as of July 30, 2024.

 

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We are committed to sustainability by
responsibly managing the materials we create for their entire lifecycle and are
growing our portfolio of sustainable products to meet increasing customer and
societal demand. We strive to make a positive impact in our communities and to
foster inclusivity across our teams. Celanese is a Fortune 500 company that
employs approximately 12,400 employees worldwide with 2023 net sales of $10.9
billion.

 

Celanese Contacts:

Investor Relations
William Cunningham
Phone: +1 302 772 5231
william.cunningham@celanese.com Media Relations – Global
Brian Bianco
Phone: +1 972 443 4400
media@celanese.com Media Relations Europe (Germany)
Petra Czugler
Phone: +49 69 45009 1206
petra.czugler@celanese.com

Read More

July 17, 2024

Celanese Corporation Declares Quarterly Dividend of $0.70 Per Share

DALLAS, July 2, 2024 -- Celanese Corporation (NYSE: CE), a global chemical and
specialty materials company, today announced that it will host a conference call
to discuss its second quarter 2024 results on Friday, August 2, 2024, beginning
at 11:00 a.m. ET. 

The conference call will be available by webcast at
https://investors.celanese.com or by phone:

Dial-in Number: 1-877-407-0989
International Dial-In Number: 1-201-389-0921

Alternatively, to enter the call immediately without waiting for operator
assistance, attendees may pre-register for the call by clicking the link
below.  
 
Registrant Link: 
http://services.incommconferencing.com/DiamondPassRegistration/register?confirmationNumber=13747574&linkSecurityString=1d417df8f8
   
The company will distribute its second quarter earnings press release via
newswire after the New York Stock Exchange closes on Thursday, August 1, 2024.
The earnings press release and prepared remarks will also be available at
https://investors.celanese.com after market close on Thursday, August 1, 2024. 

A replay of the conference call will be available on demand on August 2, 2024,
from 1:00 p.m. ET until August 16, 2024, 12:00 a.m. ET, at the following number:

Replay Number: 1-877-660-6853
Passcode: 13747574

The webcast replay will be available on demand at
https://investors.celanese.com.

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We are committed to sustainability by
responsibly managing the materials we create for their entire lifecycle and are
growing our portfolio of sustainable products to meet increasing customer and
societal demand. We strive to make a positive impact in our communities and to
foster inclusivity across our teams. Celanese is a Fortune 500 company that
employs approximately 12,400 employees worldwide with 2023 net sales of $10.9
billion. 


 

Contacts:

Investor Relations
William Cunningham
+1 302 772 5231
william.cunningham@celanese.com Media Relations - Global
Brian Bianco
+1 972 443 4400
media@celanese.com

 

Read More

July 2, 2024

Celanese to Hold Second Quarter Earnings Conference Call on August 2, 2024

Auburn Hills, Mich. (June 12, 2024) – Celanese Corporation, a global specialty
materials and chemical company, today announced it has been honored by DENSO, a
leading Tier 1 mobility supplier, with a Quality Performance Award as part of
its 2023 Business Partner of the Year Awards. This prestigious recognition was
presented during DENSO’s annual North America Business Partner Convention held
on June 11.

“This award is based on stringent criteria, and recognizes suppliers who have
demonstrated exceptional quality performance, helping DENSO to maintain its
reputation for high-quality automotive components,” said Tom Kelly, senior vice
president of Engineered Materials at Celanese. “We are honored that our
unwavering commitment to quality and collaboration is supporting innovation and
growth at DENSO.”

Celanese supplies Zytel® PA (polyamide) and Zytel® LCPA (long-chain polyamide)
resins to DENSO across the U.S., Canada and Mexico. These materials support the
production of thermal system components such as radiator end tanks.

DENSO’s Business Partner of the Year Awards celebrate companies that excel in
various areas including quality, service, technology, value, sustainability and
diversity, equity, inclusion and belonging.

 A core theme of this year’s awards program was a renewed focus on DENSO Spirit,
a company philosophy representing foresight, credibility and collaboration. 

“Our 75th anniversary is not only a time to reflect on the ideals, and partners,
that have fueled our past success, but also an opportunity to look forward at
how we can build a brighter future for all,” said Kim Buhl, vice president of
the North America Purchasing Group at DENSO. “Our suppliers are essential to
this work. With that in mind, we congratulate this year’s award winners, express
our gratitude to all our partners and are eager to continue our efforts together
to create new value for society.” 

At Celanese, maintaining and updating systems that meet global customers'
rigorous quality, environmental, health and safety standards is paramount.
Pioneering ISO 9000 certification in the early 1990s, the company continues to
lead in operational quality and sustainability. 

 

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We support sustainability by responsibly
managing the materials we create and growing our portfolio of sustainable
products to meet customer and societal demand. We strive to make a positive
impact in our communities and to foster inclusivity across our teams. Celanese
is a Fortune 500 company that employs approximately 12,400 employees worldwide
with 2023 net sales of $10.9 billion.

About DENSO
Globally headquartered in Kariya, Japan, DENSO is a $47.2 billion leading
mobility supplier that develops advanced technology and components for nearly
every vehicle make and model on the road today. With manufacturing at its core,
DENSO invests in around 180 facilities worldwide to provide opportunities for
rewarding careers and to produce cutting-edge electrification, powertrain,
thermal and mobility electronics products, among others, that change how the
world moves. In developing such solutions, the company’s 162,000 global
employees are paving the way to a mobility future that improves lives,
eliminates traffic accidents, and preserves the environment. DENSO spent around
7.7 percent of its global consolidated sales on research and development in the
fiscal year ending March 31, 2024. For more information about DENSO’s operations
worldwide, visit www.denso.com/global.
 
In North America, DENSO is headquartered in Southfield, Michigan, and employs
27,000+ engineers, researchers, and skilled workers across nearly 50 sites in
the U.S, Canada and Mexico. In the United States alone, DENSO employs 17,500+
employees across 14 states (and the District of Columbia) at 41 sites. In the
fiscal year ending March 31, 2024, DENSO in North America generated $11.7
billion in consolidated sales. DENSO is committed to advancing diversity and
inclusion inside the company and beyond – a principle that brings together
unique perspectives, bolsters innovation and pushes DENSO forward. To learn more
about DENSO operations in the region and to review current career opportunities,
please visit www.denso.com/us-ca/en/.
###  

 

For further information contact:
Rachel Delaurier
Celanese Corporation
M: 810.358.5012
Rachel.Delaurier@celanese.com

Read More

June 12, 2024

Celanese Receives Quality Performance Award from DENSO

DALLAS (June 7, 2024) – Celanese Corporation (NYSE: CE), a global chemical and
specialty materials company, today confirmed a declaration of force majeure and
sales control for acetic acid and vinyl acetate monomer (VAM) sold in the
Western Hemisphere. This comes as a result of intensifying force majeure
conditions and operational failures experienced by multiple suppliers of
critical raw materials essential to Celanese’s production of these products.
Production challenges caused by these raw material supply disruptions, as well
as other operational issues in its Acetyl Chain U.S. gulf coast network, are
being assessed and actions are being taken to offset production losses.

The Acetyl Chain business is focused on meeting customers’ needs by utilizing
all available network capabilities. The business has invested over the years to
strategically enhance the flexibility of its integrated supply chain and will
exercise that optionality to minimize customer disruptions. While under sales
control, all non-contracted orders will be reviewed on a case-by-case basis.
   
“Right now, we anticipate that our second quarter U.S. gulf coast production of
acetic acid and VAM will be negatively impacted by 15 to 20 percent as a result
of these temporary challenges which we are still navigating,” said Mark Murray,
senior vice president of the Acetyl Chain. “As we work through these challenges,
we are prioritizing continuity of supply for our customers by employing the
optionality that has been the hallmark of this business. The primary financial
impact of these challenges in the second quarter will be due to incremental
costs associated with production at higher cost facilities, external sourcing,
and logistics in order to minimize impacts to our customers. There may also be a
volume impact in the quarter depending on the magnitude of lost production.”    

Celanese regrets the impact this could have on customers and will stay in close
communication to minimize the impact of these challenges. At this time, Celanese
cannot provide any further details or timing of the full impact to customers or
to its financial outlook. Celanese will comment further on the resolution of
these temporary challenges and the financial impact when it reports second
quarter earnings.
###

 

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We are committed to sustainability by
responsibly managing the materials we create for their entire lifecycle and are
growing our portfolio of sustainable products to meet increasing customer and
societal demand. We strive to make a positive impact in our communities and to
foster inclusivity across our teams. Celanese is a Fortune 500 company that
employs approximately 12,400 employees worldwide with 2023 net sales of $10.9
billion.


Celanese Contacts:

Investor Relations Media Relations – Global Bill Cunningham Brian Bianco +1 972
443 4730 +1 972 443 4400 william.cunningham@celanese.com media@celanese.com

 

Forward-Looking Statements

The information set forth in this release contains certain “forward-looking
statements,” which include information concerning the Company’s plans,
objectives, goals, future revenues, financial performance, expected future costs
and other information that is not historical information. 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 herein. 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 under the heading “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023 and other
filings with the Securities and Exchange Commission. Any forward-looking
statement speaks only as of the date it is made, and the Company undertakes no
obligation to update any forward-looking statements to reflect events or
circumstances after the date the statement is made.


 

 


Read More

June 7, 2024

Celanese Corporation Declares Force Majeure on Western Hemisphere Acetic Acid
and VAM

SILVASSA AND HYDERABAD, INDIA (May 20, 2024) – Celanese Corporation, a global
specialty materials and chemical company, today announced the opening of two new
facilities: the India Technical Center in Silvassa and a new Shared Service
Center in Hyderabad. Both facilities will allow the employee teams in India to
better support both local customers as well as global employees through a range
of capabilities. 

The India Technical Center brings together state of the art application
development, testing and analytics capabilities designed to support the growth
of its customers in India and provide services to Celanese global teams. 

“The India Technical Center will not only effectively support Indian customers,
but also provide support to Celanese internal teams and customers outside of
India as part of Celanese global lab network,” said Owen Liu, Asia Pacific
Technology and Innovation Leader. “This center will also help speed up
development of new and emerging applications while enabling quick responses to
our customers’ new product development and application related queries. We
encourage our customers to visit the India Technical Center and take advantage
of its capabilities to help them achieve their business objectives.” 

The new Shared Service Center in Hyderabad, India is housed in a modern building
designed with emphasis on providing a bright and ergonomic workspace for its
employees. The almost 20,000 square foot office features collaborative spaces,
facilities that foster inclusion and can seat nearly 450 people, including the
290 colleagues already employed there. 

“India has a strong pool of capable and experienced talent that can serve our
global needs very effectively,” said Nico Scialdone, Site Director, Hyderabad.
“We are confident that the Celanese work culture, values and growth
opportunities for employees will enable the center to attract and nurture the
right talent and become an integral part of our global shared services
network.” 

###

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We support sustainability by responsibly
managing the materials we create and growing our portfolio of sustainable
products to meet customer and societal demand. We strive to make a positive
impact in our communities and to foster inclusivity across our teams. Celanese
is a Fortune 500 company that employs approximately 12,400 employees worldwide
with 2023 net sales of $10.9 billion.

 

Celanese Contact:
Media Relations – APAC
Racheal Xu
ruizhe.xu@celanese.com

 

Read More

May 20, 2024

Celanese Expands Presence in India

DALLAS (May 9, 2024) – Celanese Corporation, a global specialty materials and
chemical company, today announced it has received the American Chemistry
Council’s (ACC) 2024 Sustainability Leadership Award, which recognizes exemplary
products, technologies and initiatives that help advance sustainability. 

Celanese earned the award in the “Circularity” category for its active carbon
capture and utilization (CCU) project at its Clear Lake, Texas, manufacturing
site as part of its Fairway Methanol joint venture with Mitsui & Co., Ltd. The
project is expected to capture 180,000 metric tons of carbon dioxide (CO2)
industrial emissions and produce 130,000 metric tons of low-carbon methanol
annually. 

“Our vision at Celanese is to improve the world and everyday life through our
people, chemistry and innovation and this award is a huge honor for us,” said
Lori Ryerkerk, CEO of Celanese. “This CCU project is a strong example of how our
talented teams are using the building blocks of chemistry to create a new
solution that is now helping our customers reach sustainability goals and
targets that were previously out of reach.”

The CCU project takes CO2 industrial emissions that would otherwise be emitted
into the atmosphere from both Celanese and third-party sources and applies
reduced-carbon-intensity hydrogen to chemically convert the captured CO2 into a
methanol building block used for downstream production. This low-carbon input is
then used to reduce traditional fossil fuel-based raw materials to produce a
wide range of ECO-CC products that can benefit most major industries. The
International Sustainability and Carbon Certification (ISCC) also recently
certified Low Carbon CCU (carbon capture and utilization) Methanol under the
ISCC Carbon Footprint Certification (CFC) system.

“We are honored to receive this incredible recognition from ACC,” said Mark
Murray, senior vice president, Acetyls at Celanese. “Our teams have worked hard
to enable us to provide sustainable solutions that are being explored across a
number of industries and we’re excited for what’s ahead for both this technology
and our customers that will utilize ECO-CC products to move toward a circular
economy.”

ACC’s Sustainability Leadership Awards honor member companies for their
achievements and contributions to sustainability across the following four
priority areas: Product Safety, Innovation & Transparency, Environmental
Protection, Circularity and Social Responsibility & Community Engagement. ACC
convened a judging panel made up of external sustainability leaders from
academia, nonprofit and media sectors to review and select the award winners.
The judging panel chose winning initiatives based on a range of factors,
including the level of innovation the initiative demonstrated, the scope and
reach of its impacts and the extent to which it addresses priorities outlined in
ACC’s Sustainability Principles and the UN Sustainable Development Goals. 

For more information about CCU technology at Celanese, watch our video or visit
www.celanese.com/en/sustainability-offerings. 

###

 

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We support sustainability by responsibly
managing the materials we create and growing our portfolio of sustainable
products to meet customer and societal demand. We strive to make a positive
impact in our communities and to foster inclusivity across our teams. Celanese
is a Fortune 500 company that employs approximately 12,400 employees worldwide
with 2023 net sales of $10.9 billion.


About Mitsui
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a
presence in more than 60 countries and a diverse business portfolio covering a
wide range of industries. Mitsui identifies, develops, and grows its businesses
in partnership with a global network of trusted partners including world leading
companies, combining its geographic and cross-industry strengths to create
long-term sustainable value for its stakeholders.

Mitsui has set three key strategic initiatives for its current Medium-term
Management Plan: supporting industries to grow and evolve with stable supplies
of resources and materials, and providing infrastructure; promoting a global
transition to low-carbon and renewable energy; and empowering people to lead
healthy lives through the delivery of quality healthcare and access to good
nutrition. Visit www.mitsui.com for more information.

 

About Fairway Methanol LLC
The Clear Lake methanol unit was commissioned in October 2015 as a joint venture
between Celanese and Mitsui & Co., Ltd. The unit utilizes abundant, low-cost
natural gas in the U.S. Gulf Coast region as a feedstock. The joint venture
operates as Fairway Methanol LLC, with both Celanese and Mitsui maintaining a
50/50 ownership.

About ACC
The American Chemistry Council (ACC) represents the leading companies engaged in
the multibillion-dollar business of chemistry. ACC members apply the science of
chemistry to make innovative products, technologies and services that make
people’s lives better, healthier and safer. ACC is committed to improved
environmental, health, safety and security performance through Responsible
Care®; common sense advocacy addressing major public policy issues; and health
and environmental research and product testing. ACC members and chemistry
companies are among the largest investors in research and development, and are
advancing products, processes and technologies to address climate change,
enhance air and water quality, and progress toward a more sustainable, circular
economy.

 

Celanese Contacts:

Investor Relations
Brandon Ayache
+1 972 443 8509
brandon.ayache@celanese.com Media Relations - Global
Brian Bianco
+1 972 443 4400
media@celanese.com



Read More

May 9, 2024

Celanese Receives American Chemistry Council’s 2024 Sustainability Leadership
Award for Achievements in Circularity

Dallas, May 8, 2024: Celanese Corporation (NYSE: CE), a global chemical and
specialty materials company, today reported first quarter 2024 U.S. GAAP diluted
earnings per share of $1.10 and adjusted earnings per share of $2.08. The
Company generated net sales of $2.6 billion in the quarter, an increase of 2
percent from the prior quarter, reflecting a sequential increase in volume of 2
percent and neutral pricing. Celanese continued to execute against controllable
actions in a demand environment that is stabilizing but has not yet returned to
normalized levels. As a result, the Company largely offset the sequential
impacts of first quarter seasonality as well as significantly higher expenses
associated with the completion of planned turnarounds. Celanese reported first
quarter operating profit of $210 million, adjusted EBIT of $407 million, and
operating EBITDA of $583 million at margins of 8, 16, and 22 percent,
respectively. 

The difference between U.S. GAAP diluted earnings per share and adjusted
earnings per share in the first quarter was primarily due to Certain Items
totaling $97 million.1

"Our first quarter results demonstrate our ability to execute in a commercial
environment that has stabilized but still shows limited signs of meaningful
recovery," said Lori Ryerkerk, chair and chief executive officer. "We saw the
realization of financial benefits from actions that were completed last year,
particularly within the former M&M portfolio, and we continue to put in place
further initiatives to enhance the earnings power of Celanese. I thank our teams
for their dedication in executing our plan, allowing us to exceed our previous
earnings expectations for the quarter." 

1 Mainly driven by shutdown-related costs and M&A-related costs

First Quarter 2024 Financial Highlights:

 

Three Months Ended

 

March 31,
2024

 

December 31,
2023

 

March 31,
2023

 

(unaudited)

 

(In $ millions, except per share data)

Net Sales

 

 

 

 

 

Engineered Materials

1,378

 

1,406

 

1,630

Acetyl Chain 

1,261

 

1,181

 

1,250

Intersegment Eliminations 

(28)

 

(18)

 

(27)

Total 

2,611

 

2,569

 

2,853

 

 

 

 

 

 

Operating Profit (Loss)

 

 

 

 

 

Engineered Materials 

89

 

122

 

112

Acetyl Chain 

254

 

264

 

278

Other Activities 

(133)

 

(127)

 

(139)

Total 

210

 

259

 

251

 

 

 

 

 

 

Net Earnings (Loss) 

124

 

701

 

93

 

 

 

 

 

 

Adjusted EBIT(1)

 

 

 

 

 

Engineered Materials 

201

 

199

 

215

Acetyl Chain 

296

 

300

 

316

Other Activities 

(90)

 

(65)

 

(107)

Total 

407

 

434

 

424

 

 

 

 

 

 

Equity Earnings and Dividend Income, Other Income (Expense)

 

 

 

 

 

Engineered Materials 

50

 

45

 

10

Acetyl Chain 

36

 

33

 

34

 

 

 

 

 

 

Operating EBITDA(1)

583

 

608

 

596

Diluted EPS - continuing operations 

$ 1.10

 

$ 6.43

 

$ 0.86

Diluted EPS - total

$ 1.10

 

$ 6.37

 

$ 0.83

Adjusted EPS(1) 

$ 2.08

 

$ 2.24

 

$ 2.01

 

 

 

 

 

 

Net cash provided by (used in) investing activities 

(151)

 

(168)

 

(178)

Net cash provided by (used in) financing activities

(259)

 

(240)

 

(69)

Net cash provided by (used in) operating activities 

101

 

830

 

(96)

Free cash flow(1) 

(40)

 

702

 

(261)

____________________________

 1. See "Non-US GAAP Financial Measures" below.

Recent Highlights:

 * Completed the successful startup of a new 1.3 million ton Clear Lake acetic
   acid expansion unit.

 * Completed actions to enhance the flexibility of the Acetyl Chain by building
   out downstream capabilities, including:

 * ◦The successful startup of a new vinyl acetate ethylene (VAE) unit in Nanjing
   that increases VAE capacity by 70 kt to address growing regional demand in
   Asia.

 * ◦The completion of global, low-capital debottlenecking projects for
   downstream redispersible polymer powders (RDP) to improve the flexibility in
   the Acetyl Chain and further address growing demand.

 * Announced the planned closure of all operations in Mechelen, Belgium, a
   specialty compounding facility that was acquired as part of the M&M
   acquisition. This action is consistent with the Company's strategy to exit
   high cost facilities while driving productivity in lower cost facilities.

 * Elected Kim K.W. Rucker as the new lead independent director. Ms. Rucker,
   former Executive Vice President, General Counsel and Corporate Secretary for
   Andeavor (formerly Tesoro Corp.) and experienced corporate director, has been
   a member of the Celanese Board of Directors since 2018.

First Quarter Business Segment Overview

Acetyl Chain

The Acetyl Chain delivered first quarter net sales of $1.3 billion, a 7 percent
increase from the prior quarter. Volume increased by 5 percent sequentially due
to a modest increase in Asia demand and seasonal recovery in the Americas and
Europe. First quarter pricing across the Acetyl Chain increased by 1 percent
sequentially. In response to challenging commercial dynamics with acetic acid in
China, the business exercised its unique optionality within its integrated value
chain to capture margin through downstream derivatives such as emulsions and
RDP. The Acetyl Chain delivered first quarter operating profit of $254 million,
adjusted EBIT of $296 million, and operating EBITDA of $353 million at margins
of 20, 23, and 28 percent, respectively. The business completed a planned seven
week methanol turnaround on time and under budget. Additionally, the new acetic
acid production unit at Clear Lake supported the business to drive incremental
earnings across its network and partially offset the sequential increase in
methanol turnaround expenses. The Acetyl Chain continued to take steps to
support its foundational earnings by increasing downstream optionality through
the successful addition of capacity in VAE and RDP.

Engineered Materials

Engineered Materials reported first quarter net sales of $1.4 billion,
representing a sequential decrease of 2 percent. Net sales reflected a
sequential volume decrease of 1 percent and a sequential pricing decrease of 1
percent. Volume was similar to the previous quarter with slight improvements in
both automotive and distribution volumes partially offset by seasonal declines
in medical implants. Engineered Materials delivered first quarter operating
profit of $89 million, adjusted EBIT of $201 million, and operating EBITDA of
$303 million, at margins of 6, 15, and 22 percent, respectively. The sequential
earnings performance was mainly driven by realization of lower raw material
costs flowing through inventory as well as sales mix improvements. Both dynamics
were especially prominent in the nylon business, which delivered a $26 million
sequential increase in gross profit contribution and the highest quarterly
contribution from the former M&M product portfolio since the completion of the
acquisition. Engineered Materials implemented further value enhancing
initiatives to continue driving margin expansion. Among these were the closure
of nylon 66 polymerization in Uentrop, Germany, the integration of the former
M&M business onto the upgraded SAP S/4HANA ERP system, and the announcement of
plans to cease all operations at the specialty compounding site in Mechelen,
Belgium which was acquired as part of the M&M acquisition. 

Cash Flow and Tax

Celanese reported first quarter operating cash flow of $101 million and free
cash flow of $(40) million, representing increases of $197 million and $221
million, respectively, when compared to the same period of last year. First
quarter results included a sequential increase in working capital from typical
seasonality, net cash interest expense of $204 million due to timing of coupon
payments, and cash capital expenditures of $137 million driven by project
completion timing. Celanese returned $77 million in cash to shareholders via
dividends in the quarter.

The effective U.S. GAAP income tax rate was 21 percent for the first quarter
compared to 21 percent for the same quarter in 2023. The U.S. GAAP effective
rate for the current year was unfavorably impacted by the tax effect of debt
restructuring transactions, and the U.S. GAAP rate for the prior period was
unfavorably impacted by increases in valuation allowances on U.S. foreign tax
credit carryforwards due to revised forecasts of foreign sourced income and
expenses during the carryforward period that did not re-occur in the current
period. The effective tax rate for adjusted earnings was 9 percent based on
expected jurisdictional earnings mix for the full year and consideration of
other non-recurring U.S. GAAP items.

Outlook

"Given the current demand environment and muted seasonal commercial lift, our
focus will remain on what we can control to sustainably lift the earnings of
Celanese," said Lori Ryerkerk. "Along with further improvement in the
profitability of our acquired product portfolio, we expect benefits from our
Clear Lake expansion, Uentrop closure, and SAP S/4HANA ERP integration to
contribute in the second quarter and accelerate across the year. Because of
these foundational value creation initiatives, I am confident we will deliver a
ramp in earnings performance in the second quarter and into the second half of
the year."

Based on the timing of major value creation projects and reflective of the
current commercial environment, the Company anticipates second quarter adjusted
earnings per share of $2.60 to $3.00, inclusive of approximately $0.30 per share
of M&M transaction amortization.

Reconciliations of forecasted non-GAAP measures such as adjusted earnings per
share, adjusted EBIT or free cash flow to the equivalent U.S. GAAP measures
(diluted earnings per share, net earnings (loss) attributable to Celanese
Corporation and net cash provided by (used in) operations, respectively), are
not available without unreasonable efforts because a forecast of Certain Items,
such as mark-to-market pension gains/losses, and other items is not practical.
For more information, see "Non-GAAP Financial Measures" below.

The Company's prepared remarks related to the first quarter will be posted on
its website at investors.celanese.com under Financial Information/Financial
Document Library on May 8, 2024. Information about Non-US GAAP measures is
included in a Non-US GAAP Financial Measures and Supplemental Information
document posted on our investor relations website under Financial
Information/Non-GAAP Financial Measures. See also "Non-GAAP Financial Measures"
below.

Contacts:

 

 

 

 

Investor Relations

 

Media - U.S.

 

Media - Europe

Bill Cunningham

 

Brian Bianco

 

Petra Czugler

Phone: +1 484 905 1129

 

Phone: +1 972 443 4400

 

Phone: +49 69 45009 1206

william.cunningham@celanese.com

 

media@celanese.com

 

petra.czugler@celanese.com

Celanese Corporation is a global leader in chemistry, producing specialty
material solutions used across most major industries and consumer applications.
Our businesses use our chemistry, technology and commercial expertise to create
value for our customers, employees and shareholders. We support sustainability
by responsibly managing the materials we create and growing our portfolio of
sustainable products to meet customer and societal demand. We strive to make a
positive impact in our communities and to foster inclusivity across our teams.
Celanese Corporation is a Fortune 500 company that employs approximately 12,400
employees worldwide with 2023 net sales of $10.9 billion.

 

 

Forward-Looking Statements

This release may contain "forward-looking statements," which include information
concerning the Company's plans, objectives, goals, strategies, future revenues,
cash flow, financial performance, synergies, capital expenditures, financing
needs and other information that is not historical information. 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 results expressed or implied in the forward-looking statements
contained in this release. These risks and uncertainties include, among other
things: changes in general economic, business, political and regulatory
conditions in the countries or regions in which we operate; the length and depth
of product and industry business cycles, particularly in the automotive,
electrical, textiles, electronics and construction industries; volatility or
changes in the price and availability of raw materials and energy, particularly
changes in the demand for, supply of, and market prices of ethylene, methanol,
natural gas, wood pulp and fuel oil and the prices for electricity and other
energy sources; the ability to pass increases in raw material prices, logistics
costs and other costs on to customers or otherwise improve margins through price
increases; the possibility that we will not be able to timely or effectively
continue to integrate the Mobility & Materials business (the "M&M Business") we
acquired from DuPont de Nemours, Inc. (the "M&M Acquisition") in order to
realize the anticipated benefits of the M&M Acquisition, including synergies and
growth opportunities, whether as a result of difficulties arising from the
operation of the M&M Business or other unanticipated delays, costs,
inefficiencies or liabilities; increased commercial, legal or regulatory
complexity of entering into, or expanding our exposure to, certain end markets
and geographies; risks in the global economy and equity and credit markets and
their potential impact on our ability to pay down debt in the future and/or
refinance at suitable rates, in a timely manner, or at all; risks and costs
associated with increased leverage from the M&M Acquisition, including increased
interest expense and potential reduction of business and strategic flexibility;
the ability to maintain plant utilization rates and to implement planned
capacity additions, expansions and maintenance; the ability to reduce or
maintain current levels of production costs and to improve productivity by
implementing technological improvements to existing plants; increased price
competition and the introduction of competing products by other companies; the
ability to identify desirable potential acquisition or divestiture opportunities
and to complete such transactions, including obtaining regulatory approvals,
consistent with the Company's strategy; market acceptance of our products and
technology; compliance and other costs and potential disruption or interruption
of production or operations due to accidents, interruptions in sources of raw
materials, transportation, logistics or supply chain disruptions, cybersecurity
incidents, terrorism or political unrest, public health crises (including, but
not limited to, the COVID-19 pandemic), or other unforeseen events or delays in
construction or operation of facilities, including as a result of geopolitical
conditions, the direct or indirect consequences of acts of war or conflict (such
as the Russia-Ukraine conflict or the Israel-Hamas conflict) or terrorist
incidents or as a result of weather, natural disasters, or other crises; the
ability to obtain governmental approvals and to construct facilities on terms
and schedules acceptable to the Company; changes in applicable tariffs, duties
and trade agreements, tax rates or legislation throughout the world including,
but not limited to, adjustments, changes in estimates or interpretations or the
resolution of tax examinations or audits that may impact recorded or future tax
impacts and potential regulatory and legislative tax developments in the United
States and other jurisdictions; changes in the degree of intellectual property
and other legal protection afforded to our products or technologies, or the
theft of such intellectual property; potential liability for remedial actions
and increased costs under existing or future environmental, health and safety
regulations, including those relating to climate change or other sustainability
matters; potential liability resulting from pending or future claims or
litigation, including investigations or enforcement actions, or from changes in
the laws, regulations or policies of governments or other governmental
activities in the countries in which we operate; changes in currency exchange
rates and interest rates; our level of indebtedness, which could diminish our
ability to raise additional capital to fund operations or limit our ability to
react to changes in the economy or the chemicals industry; tax rates and changes
thereto; and various other factors discussed from time to time 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.

 

Non-GAAP Financial Measures

Presentation

This document presents the Company's two business segments, Engineered Materials
and the Acetyl Chain.

Use of Non-US GAAP Financial Information

This release uses the following Non-US GAAP measures: adjusted EBIT, adjusted
EBIT margin, operating EBITDA, operating EBITDA margin, adjusted earnings per
share and free cash flow. These measures are not recognized in accordance with
US GAAP and should not be viewed as an alternative to US GAAP measures of
performance or liquidity. The most directly comparable financial measure
presented in accordance with US GAAP in our consolidated financial statements
for adjusted EBIT and operating EBITDA is net earnings (loss) attributable to
Celanese Corporation; for adjusted EBIT margin is operating margin; for
operating EBITDA margin is operating margin; for adjusted earnings per share is
earnings (loss) from continuing operations attributable to Celanese Corporation
per common share-diluted; and for free cash flow is net cash provided by (used
in) operations.

Definitions of Non-US GAAP Financial Measures

 * Adjusted EBIT is a performance measure used by the Company and is defined by
   the Company as net earnings (loss) attributable to Celanese Corporation, plus
   (earnings) loss from discontinued operations, less interest income, plus
   interest expense, plus refinancing expense and taxes, and further adjusted
   for Certain Items (refer to Table 8 of our Non-US GAAP Financial Measures and
   Supplemental Information document). We do not provide reconciliations for
   adjusted EBIT on a forward-looking basis (including those contained in this
   document) when we are unable to provide a meaningful or accurate calculation
   or estimation of reconciling items and the information is not available
   without unreasonable effort. This is due to the inherent difficulty of
   forecasting the timing and amount of Certain Items, such as mark-to-market
   pension gains and losses, that have not yet occurred, are out of our control
   and/or cannot be reasonably predicted. For the same reasons, we are unable to
   address the probable significance of the unavailable information. Adjusted
   EBIT margin is defined by the Company as adjusted EBIT divided by net sales.

 * Operating EBITDA is a performance measure used by the Company and is defined
   by the Company as net earnings (loss) attributable to Celanese Corporation,
   plus (earnings) loss from discontinued operations, less interest income, plus
   interest expense, plus refinancing expense, taxes and depreciation and
   amortization, and further adjusted for Certain Items, which Certain Items
   include accelerated depreciation and amortization expense. Operating EBITDA
   is equal to adjusted EBIT plus depreciation and amortization. Operating
   EBITDA margin is defined by the Company as operating EBITDA divided by net
   sales.

 * Adjusted earnings per share is a performance measure used by the Company and
   is defined by the Company as earnings (loss) from continuing operations
   attributable to Celanese Corporation, adjusted for income tax (provision)
   benefit, Certain Items, and refinancing and related expenses, divided by the
   number of basic common shares and dilutive restricted stock units and stock
   options calculated using the treasury method. We do not provide
   reconciliations for adjusted earnings per share on a forward-looking basis
   (including those contained in this document) when we are unable to provide a
   meaningful or accurate calculation or estimation of reconciling items and the
   information is not available without unreasonable effort. This is due to the
   inherent difficulty of forecasting the timing and amount of Certain Items,
   such as mark-to-market pension gains and losses, that have not yet occurred,
   are out of our control and/or cannot be reasonably predicted. For the same
   reasons, we are unable to address the probable significance of the
   unavailable information.

Note: The income tax expense (benefit) on Certain Items ("Non-GAAP adjustments")
is determined using the applicable rates in the taxing jurisdictions in which
the Non-GAAP adjustments occurred and includes both current and deferred income
tax expense (benefit). The income tax rate used for adjusted earnings per share
approximates the midpoint in a range of forecasted tax rates for the year. This
range may include certain partial or full-year forecasted tax opportunities and
related costs, where applicable, and specifically excludes changes in uncertain
tax positions, discrete recognition of GAAP items on a quarterly basis, other
pre-tax items adjusted out of our GAAP earnings for adjusted earnings per share
purposes and changes in management's assessments regarding the ability to
realize deferred tax assets for GAAP. In determining the adjusted earnings per
share tax rate, we reflect the impact of foreign tax credits when utilized, or
expected to be utilized, absent discrete events impacting the timing of foreign
tax credit utilization. We analyze this rate quarterly and adjust it if there is
a material change in the range of forecasted tax rates; an updated forecast
would not necessarily result in a change to our tax rate used for adjusted
earnings per share. The adjusted tax rate is an estimate and may differ from the
actual tax rate used for GAAP reporting in any given reporting period. Table 3a
of our Non-US GAAP Financial Measures and Supplemental Information document
summarizes the reconciliation of our estimated GAAP effective tax rate to the
adjusted tax rate. The estimated GAAP rate excludes discrete recognition of GAAP
items due to our inability to forecast such items. As part of the year-end
reconciliation, we will update the reconciliation of the GAAP effective tax rate
to the adjusted tax rate for actual results.

 * Free cash flow is a liquidity measure used by the Company and is defined by
   the Company as net cash provided by (used in) operations, less capital
   expenditures on property, plant and equipment, and adjusted for contributions
   from or distributions to our noncontrolling interest joint ventures. We do
   not provide reconciliations for free cash flow on a forward-looking basis
   (including those contained in this document) when we are unable to provide a
   meaningful or accurate calculation or estimation of reconciling items and the
   information is not available without unreasonable effort. This is due to the
   inherent difficulty of forecasting the timing and amount of items such as
   working capital changes, fluctuations in foreign currency exchange rates, the
   impact and timing of potential acquisitions and divestitures, and other
   structural changes, that have not yet occurred, are out of our control and/or
   cannot be reasonably predicted. For the same reasons, we are unable to
   address the probable significance of the unavailable information.

Reconciliation of Non-US GAAP Financial Measures

Reconciliations of the Non-US GAAP financial measures used in this press release
to the comparable US GAAP financial measure, together with information about the
purposes and uses of Non-US GAAP financial measures, are included in our Non-US
GAAP Financial Measures and Supplemental Information document filed as an
exhibit to our Current Report on Form 8-K filed with the SEC on or about May 8,
2024 and also available on our website at investors.celanese.com under Financial
Information/Financial Document Library.

Results Unaudited

The results in this document, together with the adjustments made to present the
results on a comparable basis, have not been audited and are based on internal
financial data furnished to management. Quarterly results should not be taken as
an indication of the results of operations to be reported for any subsequent
period or for the full fiscal year.

Supplemental Information

Additional information about our prior period performance is included in our
Quarterly Reports on Form 10-Q and in our Non-US GAAP Financial Measures and
Supplemental Information document.

 

Consolidated Statements of Operations - Unaudited

 

Three Months Ended

 

March 31,
2024

 

December 31,
2023

 

March 31,
2023

 

(In $ millions, except share and per share data)

Net sales 

2,611

 

2,569

 

2,853

Cost of sales

(2,057)

 

(1,956)

 

(2,222)

Gross profit 

554

 

613

 

631

Selling, general and administrative expenses 

(265)

 

(272)

 

(285)

Amortization of intangible assets 

(41)

 

(40)

 

(41)

Research and development expenses 

(34)

 

(32)

 

(42)

Other (charges)gains, net 

(14)

 

(18)

 

(23)

Foreign exchange gain (loss), net 

11

 

11

 

6

Gain (loss) on disposition of businesses and assets, net 

(1)

 

(3)

 

5

Operating profit (loss) 

210

 

259

 

251

Equity in net earnings (loss)of affiliates 

55

 

52

 

15

Non-operating pension and other postretirement employee benefit (expense)
income 

2

 

(67)

 

1

Interest expense 

(169)

 

(178)

 

(182)

Interest income 

13

 

12

 

8

Dividend income - equity investments 

34

 

31

 

34

Other income (expense), net 

12

 

23

 

(6)

Earnings (loss)from continuing operations before tax

157

 

132

 

121

Income tax (provision)benefit

(33)

 

575

 

(25)

Earnings (loss)from continuing operations 

124

 

707

 

96

Earnings (loss)from operation of discontinued operations

—

 

(8)

 

(3)

Income tax (provision)benefit from discontinued operations

—

 

2

 

—

Earnings (loss)from discontinued operations

—

 

(6)

 

(3)

Net earnings (loss)

124

 

701

 

93

Net (earnings) lossattributable to noncontrolling interests 

(3)

 

(3)

 

(2)

Net earnings (loss)attributable to Celanese Corporation 

121

 

698

 

91

Amounts attributable to Celanese Corporation

 

 

 

 

 

Earnings (loss) from continuing operations 

121

 

704

 

94

Earnings (loss) from discontinued operations 

—

 

(6)

 

(3)

Net earnings (loss) 

121

 

698

 

91

Earnings (loss)per common share - basic

 

 

 

 

 

Continuing operations 

1.11

 

6.46

 

0.87

Discontinued operations 

—

 

(0.05)

 

(0.03)

Net earnings (loss) - basic

1.11

 

6.41

 

0.84

Earnings (loss)per common share - diluted 

 

 

 

 

 

Continuing operations 

1.10

 

6.43

 

0.86

Discontinued operations

—

 

(0.06)

 

(0.03)

Net earnings (loss) - diluted 

1.10

 

6.37

 

0.83

Weighted average shares (in millions)

 

 

 

 

 

Basic 

109.1

 

109.0

 

108.6

Diluted 

109.5

 

109.5

 

109.2

 

Consolidated Balance Sheets - Unaudited

 

As of

March 31,

2024

 

As of

December 31,

2023

 

 

(In $ millions)

ASSETS

 

 

 

Current Assets

 

 

 

Cash and cash equivalents 

1,483

 

1,805

Trade receivables - third party and affiliates, net 

1,289

 

1,243

Non-trade receivables, net 

536

 

541

Inventories 

2,354

 

2,357

Other assets 

283

 

272

Total current assets 

5,945

 

6,218

Investments in affiliates 

1,238

 

1,220

Property, plant and equipment, net 

5,471

 

5,584

Operating lease right-of-use assets

396

 

422

Deferred income taxes 

1,618

 

1,677

Other assets 

537

 

524

Goodwill 

6,926

 

6,977

Intangible assets, net 

3,902

 

3,975

Total assets

26,033

 

26,597

LIABILITIES AND EQUITY

 

 

 

Current Liabilities

 

 

 

Short-term borrowings and current installments of long-term debt - third party
and affiliates

2,439

 

1,383

Trade payables - third party and affiliates 

1,447

 

1,510

Other liabilities 

1,011

 

1,154

Income taxes payable

28

 

25

Total current liabilities 

4,925

 

4,072

Long-term debt, net of unamortized deferred financing costs

11,018

 

12,301

Deferred income taxes 

1,016

 

999

Uncertain tax positions

298

 

300

Benefit obligations 

444

 

457

Operating lease liabilities 

296

 

325

Other liabilities 

505

 

591

Commitments and Contingencies

 

 

 

Shareholders' Equity

 

 

 

Treasury stock, at cost 

(5,488)

 

(5,488)

Additional paid-in capital 

383

 

394

Retained earnings 

12,973

 

12,929

Accumulated other comprehensive income (loss), net 

(797)

 

(744)

Total Celanese Corporation shareholders' equity 

7,071

 

7,091

Noncontrolling interests 

460

 

461

Total equity 

7,531

 

7,552

Total liabilities and equity 

26,033

 

26,597

 

 


Read More

May 8, 2024

Celanese Corporation Reports First Quarter Earnings

DALLAS and AUBURN HILLS (May 1, 2024) – Celanese Corporation, a global specialty
materials and chemical company, will highlight its broad engineered materials
product portfolio and solutions at this year's NPE, "The Plastics Show,” North
America's largest plastics exhibition. The event will be held May 6-10 at the
Orange County Convention Center in Orlando, FL. 

Tom Kelly, senior vice president of Engineered Materials at Celanese, expressed
enthusiasm about the company's return to NPE after the show's six year hiatus.
"We are thrilled to reconnect with our customers and discuss our collaborative
efforts in crafting a more sustainable future. Our focus at NPE will be on the
synergy between human ingenuity and advanced polymers."

In the South Hall, meeting room S230, Celanese subject matter experts will
present a range of new sustainable solutions and materials available to assist
customers in addressing two of their most significant challenges: achieving
sustainable mobility and reducing the time and cost of developing new products.
The four innovation highlights will include:

 
 * Circular Economy: Emphasizing responsible production, Celanese will present
   its advancements in unique chemistries and specialty materials, including
   ECO-B (bio content), ECO-R (recycled content) and the expanded ECO-C (carbon
   capture) products. These solutions underscore the company's commitment to
   reducing carbon footprints and fostering a circular economy.

 * Advanced Mobility: Celanese will address the latest trends for electric
   vehicles (EVs) regarding safety, range, charging time and sustainability.
   Solutions proven to increase battery performance, mitigate thermal
   propagation, reduce the weight of battery housings and improve thermal
   management will be on display. 

 * Better, Healthier Lifestyles: The recently launched NEOLAST™ fiber in
   partnership with Under Armour will also be featured. This new fiber offers
   the apparel industry a high performing alternative to elastane, representing
   a critical first step for the industry to address the challenge of recycling
   blended fabrics. Additionally, attendees will learn about the company’s broad
   portfolio of engineered materials that enable smarter, safer and more
   efficient design and manufacturing of appliances, personal care applications,
   footwear and medical devices. 

 * Future Connectivity: Our solutions help connect the world. From stable and
   high-speed connections for the network of artificial intelligence/machine
   learning and advanced wireless infrastructure, to consumer electronics
   requiring lightweight, miniaturization, design freedom and sustainability, to
   advanced electrical components addressing complex industrial challenges, we
   will showcase our ideas and differentiated offerings for the next generation
   of devices, parts and components.

"At Celanese, we are passionate about innovation, and it is at the core of our
mission to meet the diverse requirements of global manufacturers,” said Pedro
Van Hoecke, vice president of global technology & innovation, Engineered
Materials, Celanese. “Our highly experienced team of polymer engineers and
application development specialists are located throughout the world, enabling
us to meet the rigorous technical demands of both our consumer and industrial
clients in every region. Partnering with us gives our clients a competitive edge
in launching new products and applications to the market quickly. We are
confident in our ability to help our clients achieve their goals and stay ahead
of the curve."

For more information, visit
https://www.celanese.com/events-tradeshows/npe-2024. 

###



 

About Celanese
Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We are committed to sustainability by
responsibly managing the materials we create and growing our portfolio of
sustainable products to meet increasing customer and societal demand. We strive
to make a positive impact in our communities and to foster inclusivity across
our teams. Celanese is a Fortune 500 company that employs approximately 12,400
employees worldwide with 2023 net sales of $10.9 billion.

 

For further information contact:
Rachel Delaurier
Celanese Corporation
M: 810.358.5012
Rachel.Delaurier@celanese.com


 

 

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May 1, 2024

Celanese to Showcase Sustainable Solutions at NPE 2024: Shaping the Future for a
More Circular Economy

DALLAS and SHANGHAI (April 22, 2024) - Celanese Corporation, a global specialty
materials and chemical company, today unveiled its latest innovations in
engineered materials for the electrical/electronics (E&E) and automotive
industries at Chinaplas 2024. These new materials enable manufacturers to
improve their current products with more sustainable solutions that also offer
excellent performance.

E&E industry solutions include:

 * Vectra® | Zenite® LCP ECO-B, made with up to 60% renewable content using a
   mass balance approach. This material offers the same high-quality performance
   and dimensional stability as standard liquid crystal polymers (LCP),
   supporting customers' efforts to reduce their environmental impact without
   compromising quality. 

 *  Zytel® High Performance Nylons (HPN) grades, which are a transformation
   range of renewably-sourced solutions designed for the consumer electronics
   sector. These grades have the potential to redefine industry standards by
   offering ultra-low density combined with high modulus, enhancing the
   performance of devices like smartphones, AR/VR gear and other wearables.
   Zytel® HPN grades not only offer significant weight reduction – up to 30%
   lighter than conventional materials – but also improve environmental
   footprint, optimize dielectric properties, reduce thickness and enhance laser
   enhancement plating capabilities. Enhanced flowability makes processing
   easier and increases design versatility. In addition, the high modulus
   materials provide superior dimensional stability, an essential property for
   precision components.

 * Zenite® LCP 16236(N), an ultra-high flow, low warpage LCP solution for
   miniaturization in connector applications. This material features remarkable
   flow characteristics suitable for thin-wall applications, stable warpage
   control critical for maintaining dimensional accuracy post-processing,
   UL94V-0 flame retardance at 0.2mm and high mechanical strength to ensure
   robust pin retention and reduce the risk of cracking during assembly. It can
   also enable customers to achieve even finer pitch and higher pin count for
   miniaturized connectors such as flexible printed circuit connectors and
   board-to-board products, increasing flowability to 30% to 40% compared to the
   next highest flow LCP grade.

 * Hostaform® POM ECO-C/Celcon® POM ECO-C, the only POM available globally that
   is derived from captured and utilitized CO2 emissions. It is identical in
   quality and performance to conventional POM, enabling a drop-in replacement
   in the manufacturing process through the International Sustainability and
   Carbon Certification (ISCC+) certified mass balance process. This material
   has exceptional qualities including outstanding wear and long-term fatigue
   resistance, as well as toughness (effective down to minus 40°C) and creep
   resistance. These characteristics make it highly suitable for automotive
   applications such as fuel systems, valves, gears, nozzles and bumper
   brackets, as well as E&E applications like scissor feet. The new POM ECO-C
   grades are estimated to deliver our lowest product carbon footprint for POM.

For decades, original equipment manufacturers (OEM) have relied on Santoprene®
TPV and Hytrel® TPC for dependable, durable automotive boots and bellows. New
versions of each material continue to meet the mechanical and performance
challenges of these applications, but also enable OEMs to pursue a more
sustainable automotive future.

These include:

 * Hytrel® TPC LCF Thermoplastic Elastomer delivers the well-known
   thermo-mechanical performance, flex fatigue and processing ease of Hytrel®
   TPC, but reduces a component’s carbon footprint by more than 50% compared to
   traditional CR neoprene rubber and up to 40% compared to other TPC materials.
   This material also offers a broad service temperature range of -40°C to 130°C
   and features a 40 Shore D hardness. 
   
    

 * Santoprene® TPV ECO-R solutions provide the comparable quality as standard
   Santoprene® TPV grades but with the added benefit of post-consumer recyclate
   (PCR). Two grades are currently available with a minimum of 15% or 25 % PCR,
   respectively. Celanese estimates these materials can reduce carbon emissions
   by up to 59% compared to a similar component made with EPDM synthetic rubber.
   
    

 * Hytrel® TPC ECO-B is produced using a biomass balance approach certified by
   the ISCC+ standard, which helps ensure upstream supply chain traceability and
   contributes to the shift to a more circular economy. The second-generation
   biomass (bio residue/waste) approach does not compete with food/feed
   resources or induce land use change.

 * Zytel® XMP70G50, which is now available across the globe. This material, a
   PA66 resin reinforced with 50% short glass fibers, has a tensile strength of
   270 MPa and a 19,000 MPa elastic modulus at 23°C (dry as molded). It is
   ideally suited to replace metal in electric vehicle chassis and structural
   components as well as many of the same components in vehicles with internal
   combustion engines. Compared with other thermoplastics, Zytel® XMP70G50
   offers a significant leap forward in durability and fatigue resistance
   without sacrificing mechanical strength and processability.

  



For more information, visit Celanese at Chinaplas 2024, Hall 7.2, #C51 or
www.celanese.com. ###
 
About Celanese

Celanese is a global leader in chemistry, producing specialty material solutions
used across most major industries and consumer applications. Our businesses use
our chemistry, technology and commercial expertise to create value for our
customers, employees and shareholders. We are committed to sustainability by
responsibly managing the materials we create for their entire lifecycle and are
growing our portfolio of sustainable products to meet increasing customer and
societal demand. We strive to make a positive impact in our communities and to
foster inclusivity across our teams. Celanese is a Fortune 500 company that
employs approximately 12,400 employees worldwide with 2023 net sales of $10.9
billion.


For further information or to request a photo, contact:

Helen Zhang M: +86 21 3861 9279 lan.zhang@celanese.com

Read More

April 22, 2024

Celanese Introduces Exciting New Solutions for E&E and Automotive Industries at
Chinaplas 2024

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