Celanese, Mitsui Sign Food-Ingredients Joint-Venture Agreement
By Sabela Ojea
Celanese and Mitsui & Co. said Thursday that they signed an agreement to launch a food-ingredients joint venture following a long-term strategic partnership.
Chemical and specialty materials company Celanese would retain 30% of stake in the Nutrinova joint venture by bringing assets, technology and employees of its food-ingredients business.
Japan-based trading house Mitsui would acquire the remaining stake at a purchase price of $472.5 million.
Net cash proceeds of about $450 million would be used to pay down debt, the companies said, noting that the transaction is set to close in the second half of the year.
"The agreement combines the technology, product portfolio and backward integration of the Celanese food ingredients business with Mitsui's long-standing positions across the food value chain in Asia and other regions," the companies said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
June 22, 2023 20:11 ET (00:11 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?
-
Mastercard Earnings: A Stable Environment Highlights the Firm’s Strengths
-
Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion In Cost Cuts
-
Starbucks Earnings: Not a Lot to Like About Results as Global Traffic Sputters