Celanese to close Mechelen, Belgium facility; expects $60-75M in costs

Celanese Corp

Closure of Engineered Materials compounding site acquired from DuPont in Nov 2022.
Non-cash accelerated depreciation of $40-50M; cash shutdown costs of $20-25M.
Manufacturing to cease by end of September 2024, subject to works council consultation.
Employee termination costs not yet estimable; depends on consultation outcome.
Cash outflows for closure expected during fiscal 2024 and 2025.

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