Rochester,NY 7/10/2009 3:05:34 AM
Afternoon Report - CE - Costs Associated with Exit or Disposal Activities - Sourced WhisperFromWallStreet.com
Celanese Corp
Afternoon Report - CE - Costs Associated with Exit or Disposal Activities - Sourced WhisperFromWallStreet.com
Celanese Corp.CE
On July 8, 2009, Celanese Corporation (the "Company") announced that its wholly-owned French subsidiary, Acetex Chimie, has completed the consultation procedure with the workers council on its "Project of Closure" and social plan related to the Company's Pardies, France facility pursuant to which the Company announced its formal intent to cease all of its manufacturing operations there and its associated activities.
As a result of the Project of Closure, the Company expects to record exit costs of approximately $90-100 million, primarily in the second half of 2009, consisting of approximately $70 million in personnel-related exit costs and approximately $20-$30 million of other facility-related shutdown costs, which include demolition, remediation, contract termination costs and accelerated depreciation of fixed assets. The Company expects that substantially all of the exit costs (except for accelerated depreciation of fixed assets) will result in future cash expenditures. Cash outflows will occur over a two-year period.
The information in this Item 2.05 contains certain "forward-looking statements," which include information concerning the company's plans, objectives, goals, expected future cost associated with the closure of the Pardies, France facility and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in herein. Numerous factors, many of which are beyond the company's control, could cause actual results to differ materially from those expressed as forward-looking statements. Certain of these risk factors are discussed in under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 with the Securities and Exchange Commission on February 13, 2009. Any forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of anticipated or unanticipated events or circumstances. Item 8.01 Other Information
Last Trade: 21.19
Day's Range: 20.82 - 21.64
52wk Range: 5.71 - 47.00
Volume: 1,302,171
ABOUT Celanese Corp
Celanese Corporation engages in producing and selling industrial chemicals, acetyl products, and engineered polymers in North America, Europe, and Asia. The company involves in processing chemical raw materials, such as methanol, carbon monoxide, and ethylene, as well as natural products, including wood pulp into value-added chemicals, thermoplastic polymers, and other chemical-based products. It operates in four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, and Acetyl Intermediates. The Advanced Engineered Materials segment develops, produces, and supplies polymers, which are used in automotive and electronics products, as well as other consumer and industrial applications. Its products include Polyacetal products (POM), Polyphenylene sulfide (PPS), GUR, liquid crystal polymers (LCP), Long fiber reinforced thermoplastics (LFRT), Polybutylene terephthalate (PBT), and Polyethylene terephthalate (PET). The Consumer Specialties segment produces and supplies Acetate tow and Acetate flake, which are used in the production of filter products; and Sunett, a sweetener, as well as food protection ingredients, such as sorbates for the food, beverage, and pharmaceutical industries. The Industrial Specialties segment provides Emulsions, PVOH, and AT Plastics. Its Emulsions and PVOH products are used in paints and coatings, adhesives, building and construction, glass fiber, textiles, and paper; and AT plastics are used in packaging films, lamination film products, hot melt adhesives, medical tubing, automotive carpeting, and solar cell encapsulation films.
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