Celanese, Mitsui Sign Food-Ingredients Joint-Venture Agreement
June 22 2023 - 8:26PM
Dow Jones News
By Sabela Ojea
Celanese and Mitsui & Co. said Thursday that they signed an
agreement to launch a food-ingredients joint venture following a
long-term strategic partnership.
Chemical and specialty materials company Celanese would retain
30% of stake in the Nutrinova joint venture by bringing assets,
technology and employees of its food-ingredients business.
Japan-based trading house Mitsui would acquire the remaining
stake at a purchase price of $472.5 million.
Net cash proceeds of about $450 million would be used to pay
down debt, the companies said, noting that the transaction is set
to close in the second half of the year.
"The agreement combines the technology, product portfolio and
backward integration of the Celanese food ingredients business with
Mitsui's long-standing positions across the food value chain in
Asia and other regions," the companies said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
June 22, 2023 20:11 ET (00:11 GMT)
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