Celanese Corp Del - CE STOCK NEWS

Celanese (NYSE: CE) reported full year 2024 financial results with a U.S. GAAP diluted loss per share of $13.86 and adjusted earnings per share of $8.37. Net sales decreased 6% to $10.3 billion, driven by a 4% price decline and 1% volume reduction. The company faced persistent weak global demand in automotive, paints, coatings, construction, and industrial markets.

For Q4 2024, CE reported net sales of $2.4 billion, down 10% sequentially due to 7% volume decrease, 2% price decline, and 1% currency impact. The quarter was affected by increased seasonality in Acetyl Chain and severe Western Hemisphere automotive and industrial destocking in Engineered Materials.

The company announced exceeding its targeted $75 million cost reduction goal for 2025 and plans to cease production at Luxembourg Mylar Specialty Films operations. CE appointed Scott Richardson as new CEO effective January 1, 2025.

Celanese (NYSE: CE) has announced the election of Scott Sutton to its Board of Directors, effective March 1, 2025. The company has also established a new Finance and Business Review Committee, which will be co-chaired by Sutton and CEO Scott Richardson.

Sutton, 60, brings nearly 35 years of chemicals industry experience, most recently serving as President, CEO, and Chairman of Olin He previously served as Celanese's Chief Operating Officer from 2017 to 2019, where he oversaw the company's Engineered Materials and Acetyl Chain businesses.

The new committee will focus on overseeing the company's financial position and strategy, including cost reduction, cash flow prioritization, deleveraging efforts, and portfolio evaluation. Celanese reported net sales of $10.9 billion in 2023 and employs more than 12,000 people worldwide.

Celanese (NYSE: CE) has declared a quarterly cash dividend of $0.03 per share on its common stock. The dividend will be payable on March 11, 2025, to stockholders of record as of February 25, 2025.

Celanese is a global chemical and specialty materials company with 2023 net sales of $10.9 billion. The company employs approximately 12,400 employees worldwide and focuses on producing specialty material solutions across major industries and consumer applications. The company emphasizes sustainability in managing materials throughout their lifecycle and is expanding its sustainable products portfolio to meet growing customer and societal demands.

Celanese (NYSE: CE) has announced Todd Elliott will rejoin the company as Senior Vice President to lead the Engineered Materials business, effective February 3, 2025. Elliott, who previously retired from Celanese in 2020 as SVP and head of the Acetyls business, will succeed Tom Kelly, who is stepping down. During his previous tenure at Celanese, Elliott held multiple leadership roles and was instrumental in launching the customer project pipeline model.

For the past five years, Elliott has worked as an independent consultant in the chemicals and polymers industry. CEO Scott Richardson expressed confidence in Elliott's ability to enhance operational efficiency and drive improved growth and profitability. The company is currently focusing on cost reduction, deleveraging the balance sheet, and reducing risk in its capital structure.

Celanese, a Fortune 500 company with approximately 12,400 employees worldwide, reported net sales of $10.9 billion in 2023.

Celanese (NYSE: CE) has announced its upcoming fourth quarter 2024 earnings conference call, scheduled for February 19, 2025, at 9:00 a.m. ET. The company will release its earnings press release after NYSE market close on February 18, 2025. The conference call will be accessible via webcast and phone, with replay available until March 5, 2025.

The press release includes background information about Celanese, noting it is a Fortune 500 company with approximately 12,400 employees worldwide and 2023 net sales of $10.9 billion. The company specializes in chemistry and produces specialty material solutions used across major industries and consumer applications.

Celanese (NYSE: CE) has issued a warning about an unsolicited 'mini-tender' offer from TRC Capital Investment TRC Capital is attempting to purchase up to 1,500,000 shares of Celanese's common stock at $65.50 per share, which is 4.49% below the closing price of $68.58 on December 13, 2024.

Celanese strongly recommends shareholders reject this offer and advises those who have already tendered shares to withdraw them before the January 16, 2025 deadline. The company emphasizes it is not associated with TRC Capital or this offer. Since the offer is for less than 5% of outstanding shares, it bypasses many SEC investor protection requirements.

The offer includes conditions including that Celanese's share price must not decrease by more than 5% from December 13, 2024. Celanese, a Fortune 500 company with 2023 net sales of $10.9 billion and approximately 12,400 employees worldwide, urges shareholders to exercise caution and consult current market quotations.

Cloverdale Paint has partnered with Celanese (CE) to implement carbon capture and utilization (CCU) technology in paint manufacturing. The collaboration will utilize over 1 million pounds of CO2 emissions annually, converting industrial waste emissions into renewable feedstocks for paint production.

The process involves capturing CO2 emissions and applying hydrogen to convert them into methanol building blocks, which are used in vinyl acetate-based emulsions for paint manufacturing. This method reduces fossil fuel usage and promotes a circular economy, with sustainable content tracked through mass balance accounting.

The partnership aligns with Cloverdale Paint's Green Guarantee commitment and Celanese's sustainability initiatives. Celanese, a Fortune 500 company with $10.9 billion in net sales (2023) and approximately 12,400 employees worldwide, brings its expertise in specialty materials and chemical solutions to this sustainable paint manufacturing initiative.

Celanese (NYSE: CE) has announced the election of Christopher Kuehn to its Board of Directors, effective January 1, 2025. Kuehn, 52, currently serves as Executive Vice President and CFO of Trane Technologies plc. His appointment will bring the total board members to 12, with 11 being independent.

In his current role, Kuehn oversees global finance functions, enterprise risk management, and global information technology. He previously held senior positions at Ingersoll Rand, Whirlpool , and SPX The appointment adds financial and risk management expertise to Celanese's board, which reported 2023 net sales of $10.9 billion and employs approximately 12,400 people worldwide.

Celanese (NYSE: CE) announced a leadership transition effective January 1, 2025. Scott Richardson, currently Chief Operating Officer, will become CEO and join the Board of Directors, succeeding Lori Ryerkerk, who is stepping down as Chairman, CEO and director at the end of the year. Edward Galante, an independent director since 2013, will become Chair of the Board.

Richardson brings two decades of experience at Celanese, having served in key roles including COO, CFO, and leadership positions in Engineered Materials and Acetyl Chain businesses. He was instrumental in creating and implementing the operating models that work together as a strategic pair to create value.

The appointment comes as part of a deliberate succession planning process, with Richardson committing to drive cost structure improvements and cash generation.