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MarketScreener Homepage  >  Equities  >  Nyse  >  Celanese Corporation    CE

CELANESE CORPORATION

(CE)
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CELANESE : EXTENDS TERMINAL SERVICE CONTRACT WITH DRAGON CROWN FOR NANJING INTEGRATED CHEMICAL COMPLEX

10/29/2020 | 10:03am EST

Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced that its subsidiary, Celanese (Nanjing) Chemical Co. Ltd., has recently extended its long-term contract with Nanjing Dragon Crown Liquid Chemical Terminal Co. Ltd., for providing terminal services to its integrated chemical facility in the Nanjing Chemical Industrial Park, Nanjing City, in eastern China (Jiangsu Province).

Financial details of the contract were not disclosed.

Reliable terminal services are a key component of a highly efficient end-to-end supply chain. Extending this critical contract will provide Celanese's Nanjing manufacturing facility with ongoing and reliable terminal services for the company's acetyls chemical products.

'Dragon Crown has consistently provided Celanese with safe, compliant and reliable terminal services in China for more than a decade,' said John Fotheringham, Celanese Senior Vice President, Acetyls. 'The renewal of this contract is a representation of the collaboration between the two parties and further strengthens our long-term business relationship.' With manufacturing and distribution in all regions of the world, Celanese is a leading producer of acetic acid and other acetyl intermediate products, which are basic chemicals used in the manufacture of paints and coatings, adhesives, plastics, food packaging and construction materials.

'The explosive growth in electric vehicle sales around the world demonstrates that lithium-ion battery separator demand will experience significant growth in Asia and in Europe over the next five years. Celanese, as a reliable materials partner for our customers, is committed to investing further in local manufacturing capabilities to offer unmatched security of supply,' concluded Kelly.

About Dragon Crown

Dragon Crown is an integrated terminal service provider in the PRC specialized in the storage and handling of liquid chemical products. Dragon Crown offers a comprehensive range of high-quality terminal and storage of liquid chemical services ranging from loading and discharging of liquid chemical products at Dragon Crown jetties and storage of liquid chemical products at Dragon Crown's tank farm and delivery of such products by utilizing Dragon Crown's dedicated pipelines and other basic terminal infrastructure. Nanjing Dragon Crown (NJDC) was incorporated April 26, 2004.

About Celanese

Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders 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 7,700 employees worldwide and had 2019 net sales of $6.3 billion.

Contact:

Tel: +1 972 443 8509

Email: brandon.ayache@celanese.com

Forward-Looking Statements

This release may contain 'forward-looking statements,' which include information concerning the company's plans, objectives, goals, strategies, future revenues or performance, capital expenditures and other information that is not historical information. When used in this release, the words 'outlook,' 'forecast,' 'estimates,' 'expects,' 'anticipates,' 'projects,' 'plans,' 'intends,' 'believes,' and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous other factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in the Company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 5 444 M - -
Net income 2020 741 M - -
Net Debt 2020 2 561 M - -
P/E ratio 2020 21,6x
Yield 2020 1,88%
Capitalization 15 673 M 15 673 M -
EV / Sales 2020 3,35x
EV / Sales 2021 3,04x
Nbr of Employees 7 714
Free-Float 68,6%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 137,53 $
Last Close Price 134,08 $
Spread / Highest target 19,3%
Spread / Average Target 2,57%
Spread / Lowest Target -20,2%
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Managers and Directors
NameTitle
Lori J. Ryerkerk Chairman, President & Chief Executive Officer
Scott Richardson Chief Financial Officer & Senior Vice President
Verghese Thomas Chief Technology & Innovation Officer
David F. Hoffmeister Independent Director
Mark C. Rohr Director
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