ExxonMobil Chemical Company has signed an agreement with Celanese for the sale of its global SantopreneTM business for $1.15 billion, subject to working capital and other adjustments.
- $1.15 billion sale advances strategic business objectives
- Sale includes two manufacturing sites in the United States and United Kingdom
The sale includes two world-scale manufacturing sites in Pensacola, Florida and Newport, Wales along with associated product, process development and laboratory equipment, operating and administration buildings, control systems and documentation, and intellectual property.
“Reaching this agreement with Celanese is consistent with our strategy and allows us to focus on serving the growing market for primary olefin derivatives, where we can leverage our competitive advantages of industry leading scale, integration and proprietary technology,” said Jack Williams, senior vice president of Exxon Mobil Corporation.
ExxonMobil’s SantopreneTM brand is a global leader in a specialized market. The company will continue to serve elastomers customers with specialty products, including Butyl rubber and VistalonTM, which are used in a variety of applications.
The transaction is expected to close in the fourth quarter of 2021, subject to regulatory, information and consultation processes, and third-party approvals. The ExxonMobil employees impacted by the sale are expected to transfer to positions at Celanese following change-in-control.
………ExxonMobil comments on recorded interviews
In another development, ExxonMobil has issued the following statement by Darren Woods, chairman and chief executive officer, in response to recorded interviews released recently in response to some individuals interviewed on company’s position on climate policy.
“Comments made by the individuals in no way represent the company’s position on a variety of issues, including climate policy and our firm commitment that carbon pricing is important to addressing climate change. The individuals interviewed were never involved in developing the company’s policy positions on the issues discussed.
We condemn the statements and are deeply apologetic for them, including comments regarding interactions with elected officials. They are entirely inconsistent with the way we expect our people to conduct themselves. We were shocked by these interviews and stand by our commitments to working on finding solutions to climate change.” Darren Woods, chairman and chief executive officer stated.
