Celanese and Blackstone to form $1.3-billion acetate tow joint venture

摘要

Celanese and Blackstone have announced plans to combine their global acetate tow business in a joint venture. Celanese will own 70 and Blackstone 30. Expected 2017 revenue for the jv will be $1.3 billion with adjusted EBITDA margins of about 40. Celanese will contribute its cellulose derivatives business unit, including its equity interest in existing jvs with China National Tobacco Corporation, and Blackstone will contribute its Rhodia Acetow business, which it acquired from Solvay on 1 June for around European dollar 1 billion ($1.1 billion). The partners have secured commitments for $2.2 billion of debt on behalf of the jv. Roughly $600 million of the debt will be used by Blackstone to pay down existing debt contributed to the jv and $1.6 billion will be paid as a dividend to Celanese.