Celanese signs LOI for the sale Nanjing ethanol unit and JV with Chengzhi
Celanese Corporation has signed a Letter of Intent (LOI) with Chengzhi Shareholding Co., Ltd for the sale of its 275,000 metric ton per year industrial ethanol unit at the Nanjing, China Chemical Industrial Park. The facility uses Celanese’s TCX® technology to produce ethanol and historically sourced feedstock from the Celanese's acetic acid plant co-located at its Nanjing manufacturing facility.
Along with the LOI is for the purchase of unit is the joint-venture formed by the two companies. Celanese would contribute its TCX® technology, along with all associated patents, know-how and trade secrets, into a newly formed JV. Through this joint venture, the two companies would collaborate to further strengthen the TCX® technology and promote additional opportunities for utilizing the TCX® ethanol process technology within the People's Republic of China.
The LOI is subject to the parties reaching definitive agreements. The two companies are also committed to working together to implement a smooth transition leading to a restart of the Nanjing ethanol unit as soon as possible, likely in 2019.
Financial information is not disclosed.
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