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    Celanese Corp (CE)

    CEO Change
    Board Change

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    Business Description

    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 .

    1. 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 .
    2. 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 .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Lori J. RyerkerkChair of the Board, CEO, and PresidentMay 2019Lori J. Ryerkerk has been serving as the Chair of the Board, CEO, and President of Celanese Corporation since May 2019. She was appointed Chair of the Board in April 2020. She will step down at the end of 2024 .
    Scott A. RichardsonExecutive Vice President and COONovember 2023Scott A. Richardson was named Executive Vice President and COO in November 2023. He will become CEO and President effective January 1, 2025. He joined Celanese in 2005 and has held various roles, including CFO .
    Chuck B. KyrishSenior Vice President and CFONovember 2023Chuck B. Kyrish has been serving as the Senior Vice President and CFO since November 2023. He previously held roles such as Vice President of Corporate Finance and CFO of the Acetyl Chain .
    Thomas F. KellySenior Vice President, Engineered MaterialsApril 2020Thomas F. Kelly was named Senior Vice President, Engineered Materials in April 2020. He leads the Engineered Materials business with global responsibility for product and business management .
    Mark C. MurraySenior Vice President, AcetylsFebruary 2023Mark C. Murray was named Senior Vice President, Acetyls in February 2023. He rejoined Celanese in June 2022 as Vice President of Business Strategy and Development .
    Ashley B. DuffieSenior Vice President and General CounselNovember 2023Ashley B. Duffie has served as Senior Vice President and General Counsel since November 2023. She previously held the position of Vice President and Chief Procurement Officer from June 2020 .
    Edward G. GalanteUpcoming Chair of the BoardJanuary 1, 2025Edward G. Galante has been an independent director on the Celanese Board since 2013. He will assume the role of Chair of the Board effective January 1, 2025. He was previously a Senior Vice President at Exxon Mobil Corporation .

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationN/A
    Total additional amount$6.9 billion
    Remaining authorization amount$1.1 billion
    DetailsThe program is authorized by the Board of Directors and gives management discretion in determining the timing and conditions under which shares may be repurchased. The purpose is to reduce the number of shares outstanding for compensation programs and other corporate purposes. The program does not have an expiration date.

    Debt Maturity Schedule

    YearAmount Due (in $ millions)Debt TypeInterest Rate (%)% of Total Debt
    20251,3361.250% Senior Notes + 6.050% Senior Notes1.250, 6.05010.4% = (1,336 / 12,931) * 100
    20261,5201.400% Senior Notes + 4.777% Senior Notes1.400, 4.77711.8% = (1,520 / 12,931) * 100
    20273,4392.125% Senior Notes + 6.165% Senior Notes + Term Loan2.125, 6.165, 6.71826.6% = (3,439 / 12,931) * 100
    20281,5590.625% Senior Notes + 6.350% Senior Notes0.625, 6.35012.1% = (1,559 / 12,931) * 100
    20291,3105.337% Senior Notes + 6.330% Senior Notes5.337, 6.33010.1% = (1,310 / 12,931) * 100
    20301,4366.550% Senior Notes + Pollution Control Bonds6.550, 4.1-5.011.1% = (1,436 / 12,931) * 100
    20321,0006.379% Senior Notes6.3797.7% = (1,000 / 12,931) * 100
    20331,0006.700% Senior Notes6.7007.7% = (1,000 / 12,931) * 100
    2054159Obligations under Finance LeasesN/A1.2% = (159 / 12,931) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Anhui Jinhe Industrial Co., Ltd.
    • Ascend Performance Materials LLC
    • BASF SE
    • Daicel Corporation (Daicel)
    • DOMO Chemicals
    • E. I. du Pont de Nemours and Company
    • Kingfa Science and Technology
    • Korea Petrochemical Ind. Co, Ltd (KPIC)
    • Envalior GmbH
    • SABIC Innovative Plastics
    • Solvay S.A.
    • Asahi Kasei Corporation (regional competitor)
    • Braskem S.A. (regional competitor)
    • Mitsubishi Gas Chemical Company, Inc. (regional competitor)
    • Sumitomo Corporation (regional competitor)
    • Teijin Limited (regional competitor)
    • Toray Industries, Inc. (regional competitor)

    Auditor

    NameStart DateEnd DateReason for Change
    KPMG LLP2004 PresentCurrent auditor

    Latest news

    Recent developments and announcements about CE.

    Corporate Leadership

      Leadership Change

      ·
      Dec 19, 2024, 9:37 PM

      Christopher Kuehn has been elected to the Celanese Corporation Board of Directors, effective January 1, 2025. He is currently the Executive Vice President and Chief Financial Officer of Trane Technologies plc. Kuehn will serve on the Board until the 2025 Annual Meeting of Shareholders and will be a member of the Audit Committee .

      Board Change

      ·
      Dec 19, 2024, 9:37 PM

      Christopher Kuehn has been elected to the Board of Directors of Celanese Corporation, effective January 1, 2025. This increases the board size from 11 to 12 members. Mr. Kuehn will serve on the Audit Committee and is recognized as an independent director and an audit committee financial expert .

      Board Change

      ·
      Dec 9, 2024, 10:02 PM

      Lori J. Ryerkerk will step down from the Board of Directors of Celanese Corporation, effective immediately prior to January 1, 2025. Scott A. Richardson has been elected to the Board to fill the vacancy created by Ms. Ryerkerk's departure, effective January 1, 2025. Edward G. Galante has been elected as Chair of the Board, effective upon Ms. Ryerkerk's departure .

      Leadership Change

      ·
      Dec 9, 2024, 10:02 PM

      Lori J. Ryerkerk is stepping down as CEO and President of Celanese Corporation, effective immediately prior to January 1, 2025. Scott A. Richardson will take over as the new CEO and President. He has been with Celanese since 2005 and has held various leadership roles, including Chief Operating Officer and Chief Financial Officer. Edward G. Galante will become the Chair of the Board .

      CEO Change

      ·
      Dec 9, 2024, 10:02 PM

      Lori J. Ryerkerk, the current CEO of Celanese Corporation, will step down from her role effective immediately prior to January 1, 2025. Scott A. Richardson has been appointed as the new CEO and President, effective January 1, 2025. Edward G. Galante will become the Chair of the Board .