Celanese Corporation (NYSE: CE) has signed a definitive agreement to sell an additional 19% stake in its Nutrinova food ingredients joint venture to Mitsui & Co., Ltd., for approximately $152 million in cash proceeds, according to a company statement.

The transaction is expected to close in the fourth quarter of this year. Following the sale, Celanese will retain an 11% interest in the joint venture.

Celanese said the proceeds will be applied toward reducing net debt and paying down upcoming debt maturities. The company said the deal contributes to its goal of generating $1 billion in divestiture proceeds by the end of 2027. The sold interest represented approximately $4 million in equity earnings in 2025.

As part of the agreement, Celanese will own and operate a diketene production facility for a transitional period before transferring it to Nutrinova. The facility is located at the Industriepark Höchst in Frankfurt, Germany, and supplies raw materials to the Nutrinova operation at the same site. Nutrinova will cover the full purchase price of the facility as well as all ongoing operating costs. Celanese said it has no funding obligation related to the unit.

"Transaction proceeds will immediately work to reduce our net debt as part of our deleveraging plan, and we intend to use them to pay down upcoming debt maturities," said Scott Richardson, President and Chief Executive Officer.

Nutrinova produces the zero-calorie sweetener Sunett acesulfame potassium, as well as sorbic acid and potassium sorbate preservatives. Celanese was advised by Linklaters LLP as legal counsel and A&O Shearman as tax counsel. The transaction is subject to customary legal and regulatory closing conditions.