Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

Chemical and advanced materials maker Celanese Corporation (CE - Analyst Report) announced that it will begin discussions regarding possible closure of both the Roussillon acetic anhydride facility and the vinyl acetate monomer (VAM) production unit in Tarragona, Spain. The company’s French and Spanish subsidiaries have informed their employee delegates in Roussillon, France, and work council in Tarragona about their intention to start an information and consultation process on the contemplated closure of both facilities.

In May, Celanese divulged its plans to find a potential buyer for both the facilities focusing on industrial candidates. Celanese tried to find a buyer who would ensure operations at the properties are executed in a sustainable manner in accordance with the company’s financial criteria, and also retain its employees. However, Celanese did not succeed in finding a suitable buyer and decided to plan for the possible closure of both the acetic anhydride facility in Roussillon and the VAM production unit in Tarragona.

The action was undertaken to sustain the competitiveness of the Celanese acetyl business. The need for these contemplated projects came from an assessment of Celanese’s overall corporate strategy, including an appraisal of the company’s global manufacturing facilities.

The subsidiaries of Celanese which operate the facilities will begin the consultation process with local employee representatives to diminish the social impact of these contemplated closures as much as possible.
Celanese currently carries a Zacks Rank #3 (Hold).
 
Other companies in the chemical industry worth considering are Asahi Kasei Corporation (AHKSY), Akzo Nobel NV (AKZOY), and BASF SE (BASFY). While Asahi carries a Zacks Rank #1 (Strong Buy), both Akzo Nobel and BASF hold a Zacks Rank #2 (Buy).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
DIXIE GROUP DXYN 15.84 +7.90%
BOFL HOLDING BOFI 85.30 +4.97%
RAMBUS INC RMBS 12.31 +4.41%
VIPSHOP HOLD VIPS 148.73 +4.35%
NETFLIX INC NFLX 345.74 +4.32%