Celanese Corporation is a global chemical and specialty materials company that operates primarily through two business segments: Engineered Materials and the Acetyl Chain. The company develops and supplies high-performance specialty polymers for various applications, including automotive, medical, industrial, and consumer electronics . Additionally, Celanese produces intermediate chemistry and polymers that serve as starting materials for industries such as paints, adhesives, pharmaceuticals, and construction . The company's broad product portfolio caters to diverse end-use applications with a geographically balanced global customer base .
- Engineered Materials - Develops and supplies high-performance specialty polymers used in automotive, medical, industrial, and consumer electronics applications, managed through a project management pipeline focused on customer-specific solutions .
- Acetyl Chain - Includes intermediate chemistry, emulsion polymers, ethylene vinyl acetate polymers, redispersible powders, and acetate tow businesses, serving as starting materials for industries like paints, adhesives, pharmaceuticals, and construction, leveraging an integrated chain model to maximize value .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ashley B. Duffie Executive | Senior Vice President, General Counsel, and Corporate Secretary | None | Joined CE in 2007; held various legal and procurement roles; became General Counsel in November 2023. | |
Chuck B. Kyrish Executive | Senior Vice President and Chief Financial Officer | None | Joined CE in 2006; held roles in finance, treasury, and investor relations; became CFO on November 8, 2023. | |
Mark C. Murray Executive | Senior Vice President, Acetyls | None | Joined CE in 2002; held leadership roles in Acetyl Chain and Engineered Materials; became SVP, Acetyls in February 2023. | |
Scott A. Richardson Executive | Chief Executive Officer and President | None | Joined CE in 2005; held various leadership roles, including CFO and COO; became CEO on January 1, 2025. | View Report → |
Todd Elliott Executive | Senior Vice President, Engineered Materials | None | Joined CE in 1987; held leadership roles in Acetyls and Engineered Materials; rejoined CE in February 2025 after consulting. | |
Bruce Chinn Board | Director | Director at Waste Management, Trustee at AIChE Foundation | Former CEO of Chevron Phillips Chemical; joined CE Board in September 2024. | |
Christopher Kuehn Board | Director | None | CFO of Trane Technologies; joined CE Board in January 2025. | |
David F. Hoffmeister Board | Director | Director at Glaukos Corporation, ICU Medical Inc., StepStone Group Inc., and Kaiser Permanente | Former CFO of Life Technologies; joined CE Board in 2006. | |
Deborah J. Kissire Board | Director | Director at Cable One, Omnicom Group, and Axalta Coating Systems | Former Vice Chair at Ernst & Young; joined CE Board in 2020. | |
Edward G. Galante Board | Chair of the Board | Director at Clean Harbors, Marathon Petroleum, and Linde plc | Former SVP at Exxon Mobil; joined CE Board in 2013; became Chair on January 1, 2025. | |
Ganesh Moorthy Board | Director | CEO of Microchip Technology; Director at Semiconductor Industry Association, Global Semiconductor Alliance, and Ayar Labs | CEO of Microchip Technology; joined CE Board in December 2023. | |
Jay V. Ihlenfeld Board | Director | None | Former SVP at 3M; joined CE Board in 2012. | |
Kathryn M. Hill Board | Director | Director at Moody’s Corporation and NetApp, Inc. | Former SVP at Cisco Systems; joined CE Board in 2015. | |
Kim K.W. Rucker Board | Director | Director at HP Inc., Marathon Petroleum, and GE Vernova | Former EVP and General Counsel at Andeavor and Kraft Foods; joined CE Board in 2018. | |
Michael Koenig Board | Director | CEO of Nobian Industrial Chemicals B.V.; Chair of Symrise AG | Former CEO of Elkem ASA and Bluestar Group; joined CE Board in 2022. | |
Scott Sutton Board | Director | None | Former COO of CE and CEO of Olin Corporation; rejoined CE Board in March 2025. | |
Timothy Go Board | Director | CEO of HF Sinclair; Member of UT Engineering Advisory Board and Ronald McDonald House of Dallas | CEO of HF Sinclair; joined CE Board in February 2024. |
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Given your disappointing Q3 results and the outlook for Q4 and into 2025 being below expectations , what specific actions are you taking beyond cost reductions and production slowdowns to improve earnings and cash generation, and how will these actions address the persistent macroeconomic headwinds?
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You are committed to deleveraging the balance sheet to 3x net debt to EBITDA as fast as possible and have announced your intention to reduce the dividend starting in Q1 2025 ; can you provide a detailed plan on how you will achieve this deleveraging target, especially if the macroeconomic environment remains challenging?
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With Chinese VAM margins at a decade low due to lackluster demand and new capacity , how realistic is it to expect the Singapore acetic acid plant to come back online without a significant recovery in China, and what is your strategy to manage the overcapacity in the acetyls market?
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The Engineered Materials segment is facing headwinds, and you've noted that the volume per project in your pipeline is smaller and not sufficient to offset base declines ; what specific steps are you taking to supercharge the pipeline, and how will this help counteract the challenges in volume and pricing?
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Regarding the Clear Lake facility, which is expected to deliver $100 million in annual benefits but has only contributed $10 million in Q1 and $20 million in Q3 , what are the reasons for the slower-than-expected ramp-up, and how confident are you that the remaining benefits will be realized as anticipated?
Research analysts who have asked questions during Celanese earnings calls.
Aleksey Yefremov
KeyBanc Capital Markets
8 questions for CE
Arun Viswanathan
RBC Capital Markets
8 questions for CE
Ghansham Panjabi
Robert W. Baird & Co.
8 questions for CE
Hassan Ahmed
Alembic Global Advisors
8 questions for CE
John Ezekiel Roberts
Mizuho Securities
8 questions for CE
Patrick Cunningham
Citigroup
8 questions for CE
Vincent Andrews
Morgan Stanley
8 questions for CE
David Begleiter
Deutsche Bank
7 questions for CE
Frank Mitsch
Fermium Research
7 questions for CE
Salvator Tiano
Bank of America
7 questions for CE
Jeffrey Zekauskas
JPMorgan Chase & Co.
6 questions for CE
Michael Sison
Wells Fargo
6 questions for CE
Joshua Spector
UBS
5 questions for CE
Kevin McCarthy
Vertical Research Partners
5 questions for CE
Matthew Blair
Tudor, Pickering, Holt & Co.
5 questions for CE
Jeff Zekauskas
JPMorgan Chase & Co.
2 questions for CE
Josh Spector
UBS Group
2 questions for CE
Laurence Alexander
Jefferies
2 questions for CE
Mike Sison
Wells Fargo
2 questions for CE
Aziza Gazieva
Fermium Research
1 question for CE
James Cannon
UBS Securities
1 question for CE
John McNulty
BMO Capital Markets
1 question for CE
Michael Leithead
Barclays
1 question for CE
Salvatore Tiano
Bank of America
1 question for CE
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Anhui Jinhe Industrial Co., Ltd. | This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. |
Ascend Performance Materials LLC | This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. |
BASF SE | This company is listed as a principal competitor in both the Engineered Materials and Acetyl Chain segments, which include products such as nylon compounds, high temperature nylons, acetic acid, and vinyl acetate monomer. |
Daicel Corporation | This company is listed as a principal competitor in both the Engineered Materials and Acetyl Chain segments, which include products such as nylon compounds, high temperature nylons, acetic acid, and vinyl acetate monomer. |
DOMO Chemicals | This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. |
This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. | |
Kingfa Science and Technology | This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. |
Korea Petrochemical Ind. Co, Ltd (KPIC) | This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. |
Envalior GmbH | This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. |
SABIC Innovative Plastics | This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. |
This company is listed as a principal competitor in the Engineered Materials segment, which includes products such as nylon compounds, high temperature nylons, and polyoxymethylene, among others. | |
Arkema | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Cerdia | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Chang Chun Petrochemical Co., Ltd. | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Dairen Chemical Corporation | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. | |
This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. | |
This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. | |
Huayi Chemical Co., Ltd. | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
INEOS | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Jiangsu Sopo (Group) Co., Ltd. | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Kuraray Co., Ltd. | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. | |
Nippon Gohsei | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Showa Denko K.K. | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Sipchem | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Wacker Chemie AG | This company is listed as a principal competitor in the Acetyl Chain segment, which includes products such as acetic acid, vinyl acetate monomer, and ethylene vinyl acetate resins. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Mobility & Materials (M&M) Business of DuPont | 2022 | Celanese completed its acquisition of DuPont’s M&M Business for $11.0 billion in cash, financed with a mix of USD and euro-denominated notes; the deal, closed on November 1, 2022, added engineered thermoplastics, elastomers, key IP, and global production assets, and is expected to deliver $450 million in synergies. |
Santoprene™ Thermoplastic Vulcanizates (TPV) Business | 2021 | Celanese acquired ExxonMobil’s TPV business for $1.15 billion in an all-cash, debt-free transaction, securing world-class production facilities, critical trademarks, and a valuable IP portfolio; this strategic move is projected to generate >$35 million in annual synergies and strengthen its Engineered Materials segment. |
Recent press releases and 8-K filings for CE.
- Celanese delivered Q3 EPS of $1.34, reflecting ongoing execution on cash flow, cost improvements, and top-line growth priorities.
- Management expects to grow EPS by $1–$2 in 2026 through cost actions and engineered materials pipeline progress, even if demand remains flat.
- Announced closure of the Narco acetate tow facility in Europe, targeting $20M–$30M of productivity savings in 2027.
- Completed sale of Micromax for $500M gross proceeds, with 5% tax leakage, achieving half of the $1B divestiture goal by end-2027.
- Generated $250M of working capital cash source in 2025, expects neutral working capital in Q4, and projects sustainable free cash flow of $700M–$800M in 2026.
- Celanese delivered $1.34 EPS in Q3 2025, with engineered materials volumes down 8% year-over-year as standard-grade products declined while thermoplastic elastomers held up.
- Management expects $1–$2 of EPS growth in 2026, split roughly equally between cost actions and engineered materials pipeline gains, assuming flattish demand.
- Completed the $500 M Micromax divestiture, realizing proceeds net of ~5% tax and reaching half of the $1 B divestiture target by 2027.
- Announced closure of the Lanaken acetate tow facility, targeting $20–$30 M of annual productivity savings by 2027 and optimizing low-cost assets across the network.
- Generated $250 M of working capital cash in 2025, expect zero net working capital change in Q4, and project $700–$800 M of free cash flow in 2026 at the low end as sustainable.
- Celanese generated $375 million in free cash flow and delivered $1.34 adjusted EPS for Q3 2025.
- Segment adjusted EBIT was $200 million for Engineered Materials and $187 million for Acetyl Chain, with EM benefiting from improved mix and AC margins remaining above 20% despite an unplanned outage.
- Company remains on track to achieve its FY2025 free cash flow target of $700–$800 million, ending Q3 with $1.4 billion in cash and a $1.75 billion undrawn revolving credit facility.
- Q4 2025 adjusted EPS is guided at $0.85–$1.00, with segment EBIT guidance of $165–$175 million for EM and $165–$180 million for AC.
- Celanese expects to grow EPS by $1–$2 in 2026, driven roughly half by ongoing cost actions and half by engineered materials pipeline gains, even in a flattish demand environment.
- Engineered materials volumes were down 8% year-over-year in Q3, driven by standard-grade thermoplastics (POM, nylon, GUR, polyesters), while thermoplastic elastomers held up; EM pricing improved, marking the strongest quarter in eight periods.
- In the acetyl chain, lowest-cost assets (U.S.) operated at 100% utilization, with other global units flexed to match demand; block operation of Singapore and Frankfurt sites will continue into 2026.
- Completed the $500 million Micromax divestiture, advancing toward the $1 billion divestiture target by 2027; net proceeds face a 5% tax leakage.
- Generated a $250 million working capital cash source in 2025, with Q4 WC neutral; free cash flow is anticipated at least $700 million in 2026, reflecting lower restructuring and sustained cash conversion.
- Celanese delivered $1.34 adjusted EPS (incl. ~$0.38 of transaction amortization), $517 million operating EBITDA and $375 million free cash flow, while net sales fell 4% sequentially due to volume headwinds and an unplanned outage.
- Completed $40 million of second-half 2025 cost reductions and remains on track to achieve $120 million of total cost savings for the year.
- Signed a definitive agreement to divest the Micromax® portfolio for approximately $500 million (based on ~$40 million pro forma EBITDA), expected to close in Q1 2026; also repaid $150 million on its five-year term loan in Q3 and an additional $200 million in Q4 towards the 2027 maturity.
- Issued Q4 2025 guidance of $0.85–$1.00 adjusted EPS, reflecting seasonal softening in key end-markets.
- Net sales of $2,419 million, down 4% sequentially driven by a 4% volume decline and 1% price decrease.
- GAAP diluted loss per share of ($12.39) and adjusted EPS of $1.34, reflecting $1,520 million of non-cash impairments.
- Adjusted EBIT of $326 million and operating EBITDA of $517 million, generating $375 million in free cash flow.
- Signed agreement to divest the Micromax® portfolio for approximately $500 million, expected to close in Q1 2026 to support deleveraging.
- Q4 guidance of $0.85–1.00 in adjusted EPS and reaffirmed 2025 free cash flow target of $700–800 million.
- Element Solutions Inc. agreed to acquire EFC Gases & Advanced Materials for approximately 12x forecasted 2026 adjusted EBITDA in an all-cash deal, expected to close by end of 2025.
- EFC, a specialty gases and advanced materials provider with >15% revenue CAGR since 2009 and ~40% of sales in semiconductors, expands ESI's presence in high-growth technology and space markets.
- The acquisition is projected to contribute $30 million of adjusted EBITDA in 2026 at >30% margins, funded with cash on hand and incremental debt.
- Combined with the Micromax acquisition, the transaction is expected to be over 7% accretive to ESI's adjusted EPS in 2026 and keep pro forma net debt/EBITDA below 3.0x by year-end 2025.
- Celanese signed a definitive agreement to divest its Micromax® electronic inks and pastes portfolio to Element Solutions for approximately $500 million in cash, subject to adjustments.
- The Micromax business has a 2025 pro forma run-rate EBITDA of ~$40 million, with net proceeds earmarked for deleveraging Celanese’s balance sheet.
- The transaction is expected to close in Q1 2026, pending regulatory approvals and customary closing conditions.
- Micromax products serve high-performance electronics markets—including navigation, defense, medical monitoring, and advanced circuit boards—offering conductive, resistive, dielectric inks, and LTCC materials.
- Celanese will sell its Micromax® business to Element Solutions Inc. for approximately $500 million in cash, subject to adjustments, with net proceeds earmarked for deleveraging.
- The Micromax unit generated a pro forma 2025 run rate EBITDA of about $40 million.
- The transaction is expected to close in Q1 2026, pending regulatory approvals and customary conditions.
- Morgan Stanley & Co. LLC is acting as financial advisor, while Kirkland & Ellis LLP and Allen & Overy Shearman Sterling LLP serve as legal counsel.
- Celanese has signed a definitive agreement to sell its Micromax® business to Element Solutions for approximately $500 million in cash.
- The transaction is expected to close in Q1 2026, subject to regulatory approvals and customary closing conditions.
- Micromax’s portfolio of electronics inks and pastes serves high-performance applications in aerospace, defense, healthcare, and emerging markets.
- Based on projected 2025 results, the deal is forecast to be >5% accretive to Element Solutions’ adjusted EPS and add $40 million to its adjusted EBITDA.
- The acquisition will expand Element Solutions’ Electronics segment to ~$2 billion in sales, enhancing its high-value solutions offering.