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Celanese Announces Global POM Surcharge in Response to Rising Energy Costs
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Celanese Corporation (NYSE:CE) announced a global surcharge on its POM products, including Amcel®, Celcon®, and Hostaform®, due to surging global energy prices. The surcharge will take effect from October 25, 2021, with rates set at €0.50/kg in Europe, $0.35/kg in Asia, and $0.30/kg in the Americas. Vice President Juergen Pongratz emphasized the need to share the burden of rising costs with customers, stating that the current energy market instability could persist through winter while the company will monitor conditions regularly.
Positive
Implementation of a surcharge may mitigate some financial impacts of rising energy prices on the company's margins.
The company is proactive in addressing cost inflation, signaling strong management responsiveness.
Negative
Global energy price instability may continue to pressure profit margins.
The surcharge may lead to customer dissatisfaction or reduced demand for POM products.
DALLAS & AMSTERDAM & SHANGHAI--(BUSINESS WIRE)--
Celanese Corporation (NYSE:CE), a global chemical and specialty materials company, today announced a global surcharge on its portfolio of Amcel®, Celcon®, Hostaform® and other polyacetal (POM) products in response to a recent surge in global energy prices.
The surcharge amounts indicated below will be implemented on all shipments of POM products beginning on October 25, 2021.
Europe
€0.50/kg
Asia
$0.35/kg
Americas
$0.30/kg
“The unprecedented instability present throughout the energy markets, that began this summer, recently accelerated and we have reached the point where Celanese needs to share the burden of the price increases with our customers,” said Juergen Pongratz, Vice President, POM, for Celanese. “Although we believe these conditions will persist through the winter, Celanese will continue to monitor the situation on a regular basis and will adjust the surcharge amounts to reflect the then-current conditions. We understand the impact this may have on our valued customers and hope to see conditions normalize as soon as possible.”
Customers should contact their Celanese account manager for more information.
About Celanese
Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2020 net sales of $5.7 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com.
