Celanese set to buy SO.F.TER Group
Technology and specialty materials company Celanese Corporation has signed a definitive agreement to acquire Italy-based SO.F.TER Group.
SO.F.TER. Group is one of the largest independent thermoplastic compounders in the world.
According to the deal, Celanese will acquire SO.F.TER Group’s complete product portfolio comprising engineering thermoplastics (ETPs) and thermoplastic elastomers (TPEs).
Celanese will secure access to all manufacturing, technology and commercial facilities and customer agreements of SO.F.TER. Group.
With this acquisition, Celanese will nearly double the number of its global engineered material product platforms and extend its solutions capability and project pipeline.
Furthermore, SO.F.TER Group’s manufacturing facilities and product portfolio will assist it to achieve additional growth and investment.
Celanese executive vice-president and president of materials solution Scott Sutton said: “This is the next step in the evolution of Celanese to extend our global leadership position in the engineered materials market.
“SO.F.TER Group is a leader in the design, development and production of ETPs and TPEs with a fast and flexible customer-oriented business model that will integrate well within the Materials Solutions core of Celanese.
"This acquisition continues Celanese’s focus on bringing technical expertise, production and compounding capabilities closer to our valued customers by extending our footprint with industry leading products and capabilities in Italy, Mexico, Brazil and the United States.”
SO.F.TER Group board of directors chairman Italo Carfagnini said: “Joining Celanese is a natural continuation of the SO.F.TER Group success story of growth, customer innovation and application expertise.
“From our beginnings in Italy in 1980 to being a key part of the Celanese engineered materials business, we will continue to drive innovative and highly specialised solutions for customers. We look forward to the future with Celanese, not only for our customers but also for our dedicated and talented employees.”
SO.F.TER Group started its operations in 1980 in Italy by producing polymeric compounds for the shoe-making industry. Now, it has around 550 employees with four manufacturing facilities each in Europe and Americas, cumulating to 55 production lines.
The acquisition is expected to get completed by fourth quarter of 2016, subject to customary closing conditions and regulatory approvals.
Until closing, both the companies will continue to operate as independent businesses.