From: ASAP
Celanese AG (NYSE: CZ) (Frankfurt: CZZ) and Teijin Limited announced today that they have signed a Marketing and Sales Assistance Agreement. Under the terms of the agreement, Teijin will market Celanese Acetate filament products in Japan as an independent consultant and assist in sales in the Asia region. In a related move, Teijin will discontinue production of acetate flake at its Matsuyama site in December 2001 and acetate filament in February 2002. The marketing alliance evolved out of ongoing joint venture discussions between the parties. Both companies acknowledged that a contemplated joint venture was no longer viable due to market conditions. The marketing alliance is the best way to meet the ongoing needs of Teijin and Celanese acetate filament customers in the region. Celanese Acetate Textiles is the world's largest cellulose acetate filament producer. Its products are found in women's and men's apparel fashions, linings, home furnishings and industrial end uses. Celanese acetate filament is currently manufactured in the United States, Mexico and Belgium.
Teijin Limited, established in June 1918, was the first Japanese company to produce rayon yarn and remained an innovator and leader in the development and commercialization of fibers. Today, the company's operations encompass four segments -- fibers, chemicals and plastics, pharmaceuticals and medical products, and diversified businesses. The company has production and sales subsidiaries and affiliates in more than 10 countries. The parent company also has five overseas offices, as well as six plants and six research institutes in Japan. Consolidated sales for the year ending March 2001 were 761 billion yen.
Celanese AG is a global chemicals company with leading positions in its key products and world class process technology. The Celanese portfolio consists of five main businesses: Acetyl Products, Intermediates, Acetate Products, Technical Polymers Ticona and Performance Products. The Performance Products business consists of oriented polypropylene films (OPP), sweeteners and food ingredients. Celanese generated sales of around euro 5.2 billion in 2000 and has about 12,700 employees. The company has 30 production plants and six research centers in 11 countries mainly in North America, Europe and Asia.
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