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Sale of Santoprene business announced
ExxonMobil Chemical Company has signed a framework agreement with Celanese Corporation for $1.15 billion for the potential sale of its global Santoprene business, including the company's plant in Newport, Wales.
ExxonMobil Chemical Company has signed a framework agreement with Celanese Corporation for $1.15 billion for the potential sale of its global Santoprene business, including the company’s plant in Newport, Wales.
The proposed sale is expected to complete in the fourth quarter of this year and the majority of the 350 employees working for the Santoprene business, involving nearly 100 from Newport, will transition to Celanese as part of the share sale.
Many companies, including Celanese, showed an interest in the Santoprene business due to its success and the quality of its workforce, and ExxonMobil will continue to have an ongoing relationship with Celanese as a supplier.
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