Celanese intends to divest Micromax business

Celanese (CE) Corporation announced its intent to divest its Micromax portfolio of products. The company’s Board and management are confident in the significant value created by a divestment while advancing Celanese’s strategic priority of cash generation and deleveraging. “Our primary focus continues to be aggressively and prudently deleveraging our balance sheet, and this strategy includes regularly reviewing our assets,” said Scott Richardson, Celanese’s president and chief executive officer. “As I’ve shared previously, we are actively exploring several opportunities for cash generation, including the divestiture of the Micromax portfolio of products.” “Micromax provides mission-critical solutions to customers across a diverse range of industries such as aerospace, healthcare, and transportation and is well-positioned to benefit from accelerated growth in those end uses. Micromax is poised to take advantage of numerous macro trends, including miniaturization, wearable tech, and the EV transition. Through this divestiture, our team at Celanese can sharpen its focus on our high-growth assets within our existing operating models that will unlock shareholder value and increase cash flow.”