VANCOUVER, July 13 /CNW/ - Acetex Corporation (TSX: ATX) announced that
the European Commission ("EC") has granted Celanese Corporation unconditional
approval of the acquisition of Acetex. As all necessary regulatory permissions
have now been given and, as Acetex shareholders approved the transaction on
January 12, 2005, Celanese expects to close the transaction on or about
July 20, 2005.
Acetex Corporation has two primary businesses - its European Acetyls
Business and the Specialty Polymers and Films Business. Our Acetyls business
is Europe's second largest producer of acetic acid and polyvinyl alcohol and
third largest producer of vinyl acetate monomer. These chemicals and their
derivatives are used in a wide range of applications in the automotive,
construction, packaging, pharmaceutical and textile industries.
Specialty polymers developed and manufactured by Acetex are used in the
manufacture of a variety of plastics products, including packaging and
laminating products, auto parts, adhesives and medical products. The films
business focuses on products for the agricultural, horticultural and
construction industries.
Acetex directs its operations from its corporate head office in
Vancouver, Canada. Acetex has plants in France, Spain, and Edmonton, Alberta,
and sells to customers primarily in Europe, the United States, and Canada.
Acetex's common shares are listed for trading under the symbol "ATX" on the
TSX, which has neither approved nor disapproved the information contained
herein.
Information in this news release may contain forward-looking statements.
By their nature, such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from those
contemplated by the forward-looking statements. They include world wide
economic conditions, actions of competitors, the availability and cost of
feedstock, the ability to implement business strategies and pursue business
opportunities, conditions in the chemicals business including the supply and
demand for industrial chemicals and the risks attendant with producing and
marketing industrial chemicals and carrying out major capital projects.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors of Acetex are cautioned that all forward-looking statements involve
risks and uncertainties, including those risks and uncertainties detailed in
the filings with the U.S. Securities and Exchange Commission (SEC) and the
applicable Canadian securities commissions of Acetex and with the SEC, copies
of which are available from Acetex.
