Celanese Corporation has finalized the sale of its Micromax business to Element Solutions for approximately $500 million in cash. The company said the proceeds will be used to accelerate its deleveraging efforts.

 

“We are pleased to have completed the divestiture of the Micromax business in a value-accretive way that strengthens our balance sheet,” said Scott Richardson, President and Chief Executive Officer of Celanese. 

 

“This transaction represents our commitment to advancing our strategic priorities of cash generation and deleveraging, while enabling the Micromax team to continue building on its strong foundation as part of Element Solutions.”

 

The deal marks a strategic move by Celanese to focus on core operations while providing Micromax with new growth opportunities under Element Solutions.