Celanese Corp. (CE) Enters Agreement to Acquire Italy-Based SO.F.TER. Group
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Celanese Corporation (NYSE: CE) announced it has signed a definitive agreement to acquire the Forli, Italy based SO.F.TER. Group, one of the world’s largest independent thermoplastic compounders. Celanese will acquire SO.F.TER. Group’s comprehensive product portfolio of engineering thermoplastics (ETPs), thermoplastic elastomers (TPEs), as well as all customer agreements and all manufacturing, technology and commercial facilities.
The acquisition will nearly double the number of Celanese global engineered materials product platforms and further extend Celanese’s world class leadership model, solutions capability and project pipeline. Additionally, SO.F.TER. Group’s sophisticated and modern manufacturing facilities and product portfolio will provide a vehicle for additional growth, investment and synergies.
“This is the next step in the evolution of Celanese to extend our global leadership position in the engineered materials market,” said Scott Sutton, Celanese executive vice president and president of Materials Solutions. “SO.F.TER. Group is a leader in the design, development and production of ETPs and TPEs with a fast and flexible customer-oriented business model that will integrate well within the Materials Solutions core of Celanese. This acquisition continues Celanese’s focus on bringing technical expertise, production and compounding capabilities closer to our valued customers by extending our footprint with industry leading products and capabilities in Italy, Mexico, Brazil and the United States.”
“Joining Celanese is a natural continuation of the SO.F.TER. Group success story of growth, customer innovation and application expertise,” said Italo Carfagnini, chairman of the board of directors, SO.F.TER. Group. “From our beginnings in Italy in 1980 to being a key part of the Celanese engineered materials business, we will continue to drive innovative and highly specialized solutions for customers. We look forward to the future with Celanese, not only for our customers but also for our dedicated and talented employees.”
Celanese expects to integrate SO.F.TER. Group’s full product portfolio (www.softergroup.com/en/products) and production capabilities into the Celanese engineered materials business to include the following registered brands:
- Thermoplastic Elastomers (TPEs): Pibiflex®, Forprene®, Laprene®, Sofprene T®, Forflex®, Sofprene®, Sofpur®, Sofprene P®, Gumfit®, Holo®, Forgrin®, Terra® and Pavprene®
- Engineering Thermoplastics (ETPs): Litepol®, Tecnoprene®, Polifor®, Talcoprene®, Carboprene®, Litepol B®, Nylfor B®, Nivionplast B®, Nylfor A®, Nylfor R®,Nivionplast A®, Pibifor®, Pibiter®, Abistir®, Retelan®, Blendfor®, Reblend®, Stirofor®, Sanfor®, Cabofor® and Norfor®
SO.F.TER. Group began operations in 1980 in Italy by manufacturing polymeric compounds for the shoe-making industry. Today, SO.F.TER. Group has approximately 550 employees in Italy, Mexico, Brazil and the United States and has 55 production lines across 4 manufacturing facilities in Europe and 4 manufacturing facilities in the Americas. The SO.F.TER. Group’s product portfolio of engineered thermoplastics and thermoplastic elastomers includes more than 6,000 SKUs.
Celanese expects to complete the acquisition in the fourth quarter of 2016, pending customary closing conditions and regulatory approvals. Until closing, Celanese and SO.F.TER. Group will continue to operate as independent businesses.
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