Celanese Corp. (CE) Announces New $1.5B Buyback Plan

Celanese Corporation (NYSE: CE) today announced that its board of directors has approved a new $1.5 billion share repurchase authorization. The new share repurchase authorization represents approximately 11 percent of the company’s shares outstanding. The timing of the buybacks will be partially based on the closing of the recently announced proposed tow joint venture with Blackstone.

The company has deployed $300 million in the first half of 2017 and is on pace to meet its $500 million share buyback commitment for 2017 which would exhaust the existing $1.0 billion repurchase authorization put in place in 2015.

“This new share repurchase authorization reflects our confidence in the underlying growth strategy and cash generation capabilities of Celanese. Consistent with our prior commitments to shareholders, we remain focused on investing in high quality growth initiatives while also returning cash to investors,” said Mark Rohr, chairman and chief executive officer.

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