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Celanese And Teijin To Form Asian Joint Venture

New York City-based Celanese AG and Teijin Ltd., Japan, announced that they have signed a Memorandum of Understanding (MOU) to set up a joint venture that combines both companies Asian businesses in acetate filament.The joint venture will be both a marketing and manufacturing company. Acetate filament will be produced at Teijins Matsuyama site in Japan, while Celanese will supply the venture with acetate-flake raw material and additional acetate filament.Celanese is excited to join forces with a strong partner like Teijin, said Claudio Sonder, chairman and CEO, Celanese AG. We see this joint venture as an excellent way to strengthen our position in the very critical Asian textile market.The joint venture will be equally managed by Celanese and Teijin. The two companies have set the first quarter of 2001 as the target date for completing the definitive agreements and beginning operations.By combining Teijin and Celaneses marketing and production capabilities, we will be able to serve the needs of our customers in Japan and Asia more effectively, said Shosaku Yasui, president and CEO, Teijin.

September 2000