Celanese (CE) Resumes Operations Following Shutdown Due to Ike; Backs FY08 Adj-EPS Outlook
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Celanese Corporation (NYSE: CE) today announced that all of its production facilities in the Gulf Coast have safely resumed operations following a controlled and successful shutdown due to Hurricane Ike. These facilities incurred minimal structural damage related to the storm.
The company estimates that the financial impact of the shutdown was about $10-$15 million of operating EBITDA. The company does not expect this impact to affect its current FY08 outlook for adj-EPS in the range of $3.60-$3.85. The Street estimate is currently $3.91.
Celanese Corporation engages in the production and sale of industrial chemicals primarily in North America, Europe, and Asia.
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