DALLAS & SHANGHAI–(BUSINESS WIRE)–$CE–Celanese Corporation (NYSE: CE), a global specialty materials and chemical company, today announced several strategic milestones at its Clear Lake, Texas, and Nanjing, China, plants to enhance the competitive cost position, sustainable footprint and operational flexibility of the Acetyl Chain (AC) business and allow it to meet future demand growth. These include:
“Our teams in Clear Lake and Nanjing did an incredible job of working both across our business and with valued partners like Chengzhi to deliver on key operational investments that improve our optionality and position us to increase foundational earnings through expected adjusted EBIT by $100 million to $1.4 billion as we previously reported,” said Mark Murray, senior vice president, Acetyls, Celanese. “These moves not only advance our ability to meet customer requirements with a flexible, low-cost approach, but also makes us well-positioned for future global and regional growth.”
With global manufacturing and distribution capabilities, Celanese is a leading producer of acetic acid, which is a basic chemical used in paints and coatings, adhesives, plastic bottles, food packaging and construction materials.
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.
Forward-Looking Statements: This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “will,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from the forward-looking statements contained in this release. Risk factors include those that are discussed 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
Use of Non-US GAAP Financial Information
This release uses adjusted EBIT, a Non-US GAAP measure. This measure is 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 is net earnings (loss) attributable to Celanese Corporation.
Reconciliations of forecasted non-GAAP measures such as adjusted EBIT to the equivalent U.S. GAAP measures (net earnings (loss) attributable to Celanese Corporation), 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.
Definitions of Non-US GAAP Financial Measures
Reconciliation of Non-US GAAP Financial Measures
For more information on the historical non-GAAP financial measures used by the Company, including the most directly comparable GAAP financial measure for each historical non-GAAP financial measures used, including definitions and reconciliations of the differences between such non-GAAP financial measures and the comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and Supplemental Information document available on our website, investors.celanese.com, under Financial Information/Non-GAAP Financial Measures.
1 Based on internal estimates.
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
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