Celanese Corporation (CE - Free Report) is set to hike the list and off-list selling prices for acetyl intermediate products — Acetic acid and Acetic Anhydride — in China.
The company will increase prices of acetic acid and acetic anhydride by RMB 600 per metric ton each. The price increase is applicable for orders shipped and is effective immediately or as contract permit. Also, the latest price hike is incremental to earlier announced price increases.
Celanese, which is among the prominent players in the chemical space along with PPG Industries, Inc. (PPG - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Eastman Chemical Company (EMN - Free Report) , is undertaking price-increase initiatives in the wake of raw material cost inflation. The company’s strategic measures that include operational cost savings through productivity actions and price-hike initiatives are likely to provide an impetus to 2019 earnings.
Celanese, in April, backed adjusted earnings per share guidance of roughly $10.50 for 2019, considering that underlying fundamentals will start to improve later 2019.
The company does not expect improvement in demand in the second quarter. It anticipates second-quarter performance to be in line with first-quarter levels. Celanese will continue to invest in s businesses and further expand capability to boost growth and shareholders’ value.
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