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Celanese Corporation, formerly known as Hoechst Celanese, is an American technology and specialty materials company headquartered in Irving, Texas. "Contacts". Celanese. Retrieved December 12, 2012. "Celanese Corporation Headquarters 222 W. Las Colinas Blvd., Suite 900N Irving, Texas 75039 USA". It is a Fortune 500 corporation. The company is the world's leading producer of acetic acid, producing about 1.95 million per year, representing approximately 20% of global production. Celanese is also the world's largest producer of vinyl acetate monomer (VAM).
Celanese operates 25 production plants and six research centers in 11 countries, mainly in North America, Europe, and Asia. The company owns and operates the world's three largest acetic acid plants: one in the Clear Lake area of Pasadena, Texas, one on Jurong Island in Singapore, and a third in Nanjing, China.
During 2018 Celanese along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017
The American Cellulose and Chemical Manufacturing Co. Ltd plant in Cumberland, Maryland, was set up during World War I to produce cheaper fabric for airplane manufacturing. The plant location was chosen inland to protect against Zeppelin attacks. It was also situated in proximity to a ready source of water at the Potomac River and easy access to coal supplies and railroad lines. After a series of delays, production began on Christmas Day, 1924 with a series of cellulose acetate commercial fabrics and yarns intended as alternatives to silk. The plant was closed in 1983, and was later torn down to provide a space for a new state prison.
The company had introduced the word “Celanese,” a combination of “cellulose” and “ease” in 1925, seeking to promote the ease of cleaning and care of their acetate yarn, or artificial silk, fabrics. They officially took this name in 1927, becoming Celanese Corporation of America.
By 1958, Celanese had 13 domestic plants, three research and development centers, some 30 groups of products, and approximately 13,000 employees.
In 1959, Celanese commissioned Edward Durell Stone, a 20th-century American architect, to build the “Celanese House,” a model home in New Canaan, Connecticut, to showcase the company's new materials and styles.
Celanese bought operations of the British chemicals firm Imperial Chemical Industries in 1982. This included the Fiber Industries Incorporated plant in Salisbury, North Carolina, a part of Invista since 2004.
In 1983, Celanese built a $20 million plant in Rock Hill, South Carolina, to produce polybenzimidazole (PBI), a material used to fabricate high-performance protective apparel used in Bunker gear and Space suit.
Celanese spun off its pharmaceutical business as Celgene in 1986.
In 1987, Celanese Corporation was acquired by Hoechst AG and merged with its American subsidiary, American Hoechst, to form Hoechst Celanese Corporation.
In 1989, Hoechst Celanese moved to buy out the remaining shareholders of Hoechst Celanese Canada and thus to fully privatize the Canadian unit in a deal worth $210 million.
In 1998, in a $2.7 billion deal, Hoechst Celanese sold its Trevira division to a consortium between Houston-based KoSa, a joint venture of Koch Industries, IMASAB S.A., and Grupo Xtra, both of Mexico. Also in 1998, Hoechst combined most of its industrial chemical operations into a new company, Celanese AG.
In 1999, Hoechst spun off Celanese AG as a publicly traded German corporation, Cross listing on both the Frankfurt and New York stock exchanges as "CZZ" and "CZ", respectively. This was done in a vast corporate restructuring associated with the parent's merger with Rhone-Poulenc.
On January 21, 2005, Celanese Corporation conducted an initial public offering and became a publicly traded corporation traded on the New York Stock Exchange under the symbol "CE". When Blackstone sold the last of its shares in 2007, it had made five times what it had invested and it, and its co-investors collected a $2.9 billion profit. King of Capital, p. 205.
In June 2009, the company sold its polyvinyl alcohol (PVOH) business to Sekisui Chemical.
As of 2012, Celanese had a TCX Technology to make ethanol from natural gas.
During 2018 Celanese along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.
In late 2020, Celanese sold their 45% stake in Polyplastics to Daicel, who already owned 55% of the company. This transaction resulted in Daicel attaining full ownership of Polyplastics.
In January 2014, a class action lawsuit was filed on behalf of the citizens of Cannon's Campground, seeking relief from health and environmental dangers posed by groundwater and surface water contamination emanating from the Hoechst-Celanese manufacturing plant in Spartanburg, South Carolina. The lawsuit alleged the dumping of a number of toxic chemicals into local waters, which has diminished property values and caused a number of illnesses. Hoechst Celanese asked the courts to dismiss these charges as spurious, claiming that its discharges have not caused substantial harm to anyone or to the environment, and further asserting that a 3-year limit on tort claims had expired, relieving the company of any responsibility for damages which might be eventually discovered.
Celanese is one of the world's largest producers of cellulose acetate. Acetate products are primarily used in cigarette filters, as well as in the production of fashion apparel and linings. Celanese also manufactures Clarifoil cellulose acetate film that is wood pulp based and certified biodegradable and compostable in home and industrial composting conditions.
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