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CE

Celanese

$63.58

0.21 (0.33%)

16:31
10/17/16
10/17
16:31
10/17/16
16:31

Celanese to acquire SO.F.TER. Group, terms not disclosed

Celanese announced it has signed a definitive agreement to acquire the Forli, Italy based SO.F.TER. Group, one of the world's largest independent thermoplastic compounders. Celanese will acquire SO.F.TER. Group's comprehensive product portfolio of engineering thermoplastics, thermoplastic elastomers, as well as all customer agreements and all manufacturing, technology and commercial facilities. The acquisition will nearly double the number of Celanese global engineered materials product platforms and further extend Celanese's world class leadership model, solutions capability and project pipeline. Additionally, SO.F.TER. Group's sophisticated and modern manufacturing facilities and product portfolio will provide a vehicle for additional growth, investment and synergies. Celanese expects to complete the acquisition in the fourth quarter of 2016, pending customary closing conditions and regulatory approvals. Until closing, Celanese and SO.F.TER. Group will continue to operate as independent businesses.

  • 18

    Oct

CE Celanese
$63.58

0.21 (0.33%)

09/07/16
SBSH
09/07/16
DOWNGRADE
Target $73
SBSH
Neutral
Eastman Chemical downgraded to Neutral from Buy at Citi
Citi analyst P.J. Juvekar downgraded Eastman Chemical (EMN) to Neutral saying he sees earnings growth risks from a secular decline in the "once dependable" filter tow business, which is used in cigarette filters. The analyst cut his price target for the shares to $73 from $74 and notes his 2017 earnings estimates are now below consensus. Juvekar this morning also downgraded Celanese (CE) to Neutral citing a similar rationale.
09/07/16
09/07/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Discover (DFS) downgraded to Equal Weight from Overweight at Barclays with analyst Mark DeVries downgrading the stock after lowering his rating on the U.S. Consumer Finance sector to Neutral from Positive. 2. Eastman Chemical (EMN) and Celanese (CE) were downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying he sees earnings growth risks from a secular decline in the "once dependable" filter tow business, which is used in cigarette filters. 3. Royal Caribbean (RCL) downgraded to Hold from Buy at Argus with analyst John Staszak citing the company's outlook for higher fuel costs and foreign exchange headwinds. 4. Accuride (ACW) downgraded to Hold from Buy at Gabelli. 5. Dollar General (DG) downgraded to Underperform from Peer Perform at Wolfe Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/06/16
KEYB
10/06/16
INITIATION
KEYB
Overweight
Celanese initiated with an Overweight at KeyBanc
10/06/16
KEYB
10/06/16
INITIATION
Target $80
KEYB
Overweight
Celanese initiated with an Overweight at KeyBanc
KeyBanc analyst Micahel Sison initiated Celanese with an Outperform and an $80 price target. The analyst said Celanese has an operating strategy that can generate steady growth, high margins and top tier returns in the specialty chemical sector.

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