Celanese Corporation Announces New $1.0 Billion Share Repurchase Authorization

Rhea-AI Summary

Celanese Corporation (NYSE:CE) has approved a new $1.0 billion share repurchase authorization, representing approximately 6 percent of the company’s outstanding shares. In the first half of 2021, Celanese utilized $500 million to buy back shares from a previous $1.5 billion authorization. As of June 30, 2021, $560 million remained under that authorization. The addition of this new buyback program supports ongoing shareholder value enhancement.

Positive

• $1.0 billion share repurchase authorization enhances shareholder value.
• Previous buyback utilized $500 million, indicating proactive capital management.

Negative

• None.

Celanese Corporation (NYSE:CE), a global chemical and specialty materials company, today announced that its board of directors has approved a new $1.0 billion share repurchase authorization. The new share repurchase authorization represents approximately 6 percent of the company’s shares outstanding.

In the first half of 2021, the company deployed $500 million to repurchase shares under the previous $1.5 billion share repurchase authorization put in place in 2019 and increased by $500 million in July 2020. As of June 30, 2021, approximately $560 million remained under the existing share repurchase authorization which, combined with this new $1.0 billion authorization, will support future share repurchases.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210714005890/en/

FAQ

What is the new share repurchase authorization amount for Celanese Corporation?

Celanese Corporation has approved a new share repurchase authorization of $1.0 billion.

How much of Celanese's shares will the new buyback represent?

The new buyback authorization represents approximately 6 percent of Celanese's outstanding shares.

How much was spent on share repurchases in the first half of 2021?

In the first half of 2021, Celanese spent $500 million on share repurchases.

What was the remaining amount under the previous buyback authorization?

As of June 30, 2021, approximately $560 million remained under the previous $1.5 billion authorization.