Element Solutions to acquire the Micromax portfolio from Celanese Corporation for $500m.

Element Solutions, an American specialty chemicals production corporation, agreed to acquire the Micromax portfolio from Celanese Corporation, a global specialty materials and chemical company, for $500m. “The agreement to divest Micromax benefits Celanese and our shareholders, and we are pleased to have run a successful process that maximizes the value of the asset. In addition to the value created, the transaction and our commitment to use the transaction proceeds to pay down debt highlight how we are aggressively and prudently taking steps to deleverage our balance sheet. This is an important milestone in our journey as we continue to execute against our key priorities, and we are excited for the opportunities the Micromax team will have as part of Element Solutions,” Scott Richardson, Celanese President and Chief Executive Officer.