Celanese finalizes $1.15 billion acquisition of ExxonMobil elastomer business

DALLAS—Celanese Corp. has completed the $1.15 billion acquisition of the Santoprene thermoplastic vulcanizates (TPV) business from ExxonMobil Corp.

"We are excited to welcome the Santoprene team to Celanese," said Lori Ryerkerk, Celanese chairman and CEO, in a Dec. 1 statement. "They have built an industry-renowned brand and product portfolio in the Santoprene business that will immediately strengthen the unrivaled portfolio of engineered solutions we bring to our customers.

"We look forward to the partnership of our commercial and technical teams to take a wider range of Engineered Materials' solutions into targeted growth areas that will generate meaningful shareholder value."

Celanese said Santoprene will, in particular, bring a wider range of functionalized solutions into targeted growth areas such as future mobility, medical and sustainability.

The acquisition covers the full elastomer product portfolio, including Santoprene, Dytron and Geolast trademarks, along with intellectual property and production and commercial assets.

The 320-employee business operates two production facilities—in Pensacola, Florida, and Newport, Wales in the United Kingdom—and has a total production capacity of more than 190 kiltons per annum.