Celanese Corporation (NYSE: CE), a global specialty materials and chemical company, announced that it has completed the divestiture of the Micromax business to Element Solutions Inc (NYSE: ESI). Celanese received approximately $500 million in cash from the transaction, and the proceeds will be deployed to support the Company’s deleveraging efforts.“We are pleased to have completed the divestiture of the Micromax business in a value-accretive way that strengthens our balance sheet,” said Scott Richardson, President and Chief Executive Officer of Celanese. “This transaction represents our commitment to advancing our strategic priorities of cash generation and deleveraging, while enabling the Micromax team to continue building on its strong foundation as part of Element Solutions.”
Celanese Corporation announced the completion of its Micromax business divestiture to Element Solutions Inc, receiving about $500 million in cash.
The company said the transaction strengthens its balance sheet and supports deleveraging and cash generation goals, while positioning Micromax for continued growth under Element Solutions' ownership.
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