Celanese Corp (CE): restructuring charge — Celanese to close PA66 and HPN units in Germany, expects $110–125M in exit costs

Celanese Corp

Intended closure of Polyamide 66 and High-Performance Nylon polymerization units at Uentrop, Germany, subject to works council consultation.
Total expected expenses of $110-125M: $75-85M non-cash accelerated depreciation and $35-40M cash shutdown costs.
Cash outflows (contract termination, tax, asset retirement) expected during fiscal 2024; closure targeted for 2024.
Employee termination costs not yet estimable pending conclusion of consultation with works council and union.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Celanese Corp announced a restructuring with charges of approximately $110-125 million affecting Polyamide 66 (PA66 or Nylon 66) and High-Performance Nylon (HPN) polymerization units at its facility in Uentrop, Germany.

Type: restructuring
Charge: approximately $110-125 million
Affected area: Polyamide 66 (PA66 or Nylon 66) and High-Performance Nylon (HPN) polymerization units at its facility in Uentrop, Germany

Exact text from the filing

process, to be completed in 2024. As a result of this intended closure, the Company expects to record expenses, excluding employee termination costs, of approximately $110-125 million, consisting primarily of approximately $75-85 million of non-cash accelerated depreciation of fixed asset costs and approximately $35-40 million of other

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Source: SEC EDGAR

accession 0001306830-23-000150

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