CELANESE TO ACQUIRE SO.F.TER. GROUP
Differentiated acquisition will multiply Celanese's global engineered materials leadership position
SO.F.TER. Group, one of the world’s largest independent thermoplastic compounders, today announced it has signed a definitive agreement to be acquired by Celanese Corporation (NYSE: CE), a global technology and specialty materials company. Celanese will acquire the Forli, Italy-based SO.F.TER. Group’s comprehensive product portfolio of engineering thermoplastics (ETPs), thermoplastic elastomers (TPEs), as well as all customer agreements and all manufacturing, technology and commercial facilities.
SO.F.TER. Group’s sophisticated and modern manufacturing facilities and product portfolio will provide a vehicle for additional growth, investment and synergies for Celanese. The acquisition will nearly double the number of Celanese global engineered materials product platforms and further extend Celanese’s world class leadership model, solutions capability and project pipeline.
“Joining Celanese is a natural continuation of the SO.F.TER. Group success story of growth, customer innovation and application expertise,” said Italo Carfagnini, chairman of the board of directors, SO.F.TER. Group. “From our beginnings in Italy in 1980 to being a key part of the Celanese engineered materials business, we will continue to drive innovative and highly specialized solutions for customers. We look forward to the future with Celanese, not only for our customers but also for our dedicated and talented employees.”
“This is the next step in the evolution of Celanese to further extend our global leadership position in the engineered materials market,” said Scott Sutton, Celanese executive vice president and president of Materials Solutions. “SO.F.TER. Group is a leader in the design, development and production of ETPs and TPEs with a fast and flexible customer-oriented business model that will integrate well within the Materials Solutions core of Celanese. This acquisition continues Celanese’s focus on bringing technical expertise, production and compounding capabilities closer to our valued customers by extending our footprint with industry leading products and capabilities in Italy, Mexico, Brazil and the United States.”
Celanese expects to integrate SO.F.TER. Group’s full product portfolio (www.softergroup.com/en/products) and production capabilities into the Celanese engineered materials business, to include the following registered brands:
• Thermoplastic Elastomers (TPEs): Pibiflex®, Forprene®, Laprene®, Sofprene T®, Forflex®, Sofprene®, Sofpur®, Sofprene P®, Gumfit®, Holo®, Forgrin®, Terra® and Pavprene®
• Engineering Thermoplastics (ETPs): Litepol®, Tecnoprene®, Polifor®, Talcoprene®, Carboprene®, Litepol B®, Nylfor B®, Nivionplast B®, Nylfor A®, Nylfor R®,Nivionplast A®, Pibifor®, Pibiter®, Abistir®, Retelan®, Blendfor®, Reblend®, Stirofor®, Sanfor®, Cabofor® and Norfor®
SO.F.TER. Group began operations in 1980 in Italy by manufacturing polymeric compounds for the shoe-making industry. Today, SO.F.TER. Group has approximately 550 employees in Italy, Mexico, Brazil and the United States and has 55 production lines across 4 manufacturing facilities in Europe and 4 manufacturing facilities in the Americas. The SO.F.TER. Group’s product portfolio of engineered thermoplastics and thermoplastic elastomers includes more than 6,000 SKUs.
Financial details of the transaction are not being disclosed at this time, and Celanese expects to complete the acquisition in the fourth quarter of 2016, pending customary closing conditions and regulatory approvals. Until closing, Celanese and SO.F.TER. Group will continue to operate as independent businesses.
About SO.F.TER. GROUP
SO.F.TER. GROUP is one of the largest independent compounders worldwide. The product range, among the widest in the industry, extends from thermoplastic elastomers to engineering plastics. Thanks to its technological know-how applied to a wide range of materials, SOFTER can offer its clientele innovative and customized solutions with a strong specialization in the automotive, household appliance, electric/electronic, construction and sports footwear sectors. With sales in over 60 countries, the SO.F.TER. Group has four production sites in Europe, four in America (the United States, Mexico, Brazil) and a sales office in Germany. For more information: www.softergroup.com.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our two complementary business cores, Acetyl Chain and Materials Solutions, use the full breadth of Celanese’s global chemistry, technology and business expertise to create value for our customers and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,000 employees worldwide and had 2015 net sales of $5.7 billion. For more information about Celanese and our product offerings, visit www.celanese.com or our blog at www.celaneseblog.com. All registered trademarks are owned by Celanese International Corporation or its affiliates.