Celanese signs licensing agreement for acetic acid route to acrylic acid » 08:2606/0106/01/20
Celanese announced that…
Celanese announced that its subsidiary, Celanese Chemical Co. Ltd., has recently signed a tri-party agreement with SOUTHWEST INSTITUTE OF CHEMICAL, based in Chengdu, China, and YANKUANG LUNAN CHEMICAL, based in Teng Zhou, China, to build a Pilot Scale-up Unit, or PSU, in Teng Zhou, China, to test industrial scale production of acrylic acid using acetic acid as the principal raw material. The company said in a release, "Celanese and SWCHEM are jointly developing an innovative technology of producing acrylic acid with the process of acetic acid formaldehyde condensation based on Celanese's original proprietary research in this field. Under the terms of the agreement, LUNAN will build an industrial scale pilot plant to finish commercial production trials. Financial details of the agreement are not being disclosed at this time."
Celanese downgraded to Neutral from Buy at BofA » 06:2305/2905/29/20
BofA analyst Matthew…
BofA analyst Matthew DeYoe downgraded Celanese to Neutral from Buy with a price target of $100, up from $90. Shares have recently "staged an impressive rebound" that has left the stock approaching full value, DeYoe tells investors. While optimistic on a "sharp rebound" for the company's more differentiated Engineered Materials business, he has concerns around the growth trajectory of the commodity franchise, DeYoe added.
|Over a week ago|
Celanese files anti-dumping petition with European Commission against KPIC » 08:0805/2605/26/20
Celanese announced it has…
Celanese announced it has filed a petition with the European Commission's Directorate-General For Trade seeking anti-dumping duties on imports of ultra-high molecular weight polyethylene, or UHMWPE, from Korea Petrochemical, or KPIC, of Seoul, South Korea, into the European Union. "After successfully filing an anti-dumping case in the U.S., which the U.S. authorities voted unanimously to continue an investigation into, and in order to further ensure Celanese is able to operate in fair and sustainable industry conditions globally, we were compelled to also file an anti-dumping case against KPIC in Europe to address their destructive pricing practices in that region which have caused Celanese's UHMWPE business to suffer significantly over the last several years since KPIC began selling in the region," said Tom Kelly, Senior Vice President of the Engineered Materials business of Celanese. "Fair and sustainable pricing on a global basis is important for the health of every industry, and in the long term, this will lead to increased supply availability in the marketplace and to broader choices for our customers; and therefore, we believe it is our obligation to address these inequities through actions such as anti-dumping duties when they arise."
Celanese announces acetyl intermediates price increases » 18:0205/2205/22/20
Celanese will increase…
Celanese will increase list and off-list selling prices for the following acetyl intermediates products: acetic acid, vinyl acetate monomer, acetic anhydride, and vinyl-based emulsions. The price increases are for orders shipped and will be effective immediately, or as contracts otherwise allow, and are incremental to any previously announced increases.
Celanese Q2 tracking better than expected, says Deutsche Bank » 07:5505/1805/18/20
Deutsche Bank analyst…
Deutsche Bank analyst David Begleiter lowered the firm's price target on Celanese to $85 from $88 and keeps a Hold rating on the shares. To reflect Celanese's "modestly improved" Q2 outlook, with volume declines in Engineered Materials and the Acetyls Chain now expected to be at the mid-to-low end of the ranges provided at the Q1 earnings release, the analyst increased his Q2 estimates. However, while Q2 will likely not be as bad as initially expected, with the pace of the economic recovery uncertain the stock's valuation is fair, Begleiter tells investors in a research note.
Goldman Sachs to hold a virtual conference » 08:1505/1405/14/20
DD, MMM, GFL, DOW, SHW, IP, HUN, SEE, LMT, ODFL, IR, WM, SON, SWK, AXTA, CE, KTOS, ITT, PPG
Industrials & Materials Virtual Conference will be held on May 13-15 with webcasted company presentations to begin on May 14 at 8 am. Webcast Link
Celanese to supply ethylene-based VAM to Wanwei » 08:1305/0805/08/20
Celanese announces it has…
Celanese announces it has recently signed a memorandum of understanding for a long-term commercial agreement with Anhui Wanwei Group, based in Chaohu, China, to supply Wanwei with Celanese's green technology-based, ethylene-based vinyl acetate monomer, or VAM, to support approximately 50% of the company's captive product needs in the manufacture of chemicals, fibers, and new material in Anhui Province, China. Under the terms of the agreement, Celanese will supply Wanwei with its ethylene-based VAM. Financial details of the agreement are not being disclosed at this time. Celanese expects to supply Wanwei with VAM from its world-scale chemical industrial facility located in Nanjing, China.
|Over a month ago|
Celanese price target lowered to $85 from $110 at SunTrust » 08:5304/2904/29/20
SunTrust analyst James…
SunTrust analyst James Sheehan lowered the firm's price target on Celanese to $85 from $110 and keeps a Hold rating on the shares after its Q1 results. The analyst notes that the "severe demand headwinds" in the company's auto-exposed Engineered Materials and commodity Acetyl Chain were priced into the shares, but the challenging macro conditions all but eliminated the possibility of a transformational deal as a catalyst.
Celanese downgraded to Equal Weight on 'daunting' 2020 at Wells Fargo » 06:0504/2904/29/20
Wells Fargo analyst…
Wells Fargo analyst Michael Sison downgraded Celanese to Equal Weight from Overweight with an unchanged price target of $90. While the company's Q1 fared better than expected, the remainder of 2020 will likely be under significant pressure from the COVID-19 pandemic "where volumes declines are expected to be daunting," Sison tells investors in a research note. As such, the analyst sees a more balanced risk/reward at this time.
Celanese downgraded to Equal Weight from Overweight at Wells Fargo » 05:2604/2904/29/20
Wells Fargo analyst…
Wells Fargo analyst Michael Sison downgraded Celanese to Equal Weight from Overweight with a $90 price target.