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Celanese Corporation

Celanese has four core business segments: Engineered Materials, Acetate Tow, Industrial Specialties, and Acetyl Intermediates. Engineered Materials develops, produces, and supplies a number of high performance specialty polymers for automotive and medical applications, industrial products and consumer electronics, as well as a number of food protection ingredients and sweeteners. Acetate Tow segment supplies acetate tow, acetate flake and acetate film, primarily used in cigarette filter applications. Industrial Specialties includes the Emulsions and the EVA Performance Polymers businesses. Emulsions business produces a broad product portfolio, specializing in vinyl acetate ethylene emulsions. EVA Performance produces LDPE, specialty ethylene vinyl acetate resins. Acetyl Intermediates consists of Acetyl Products and Solvents & Derivatives. Acetyl Products produces acetic acid, VAM, acetic anhydride, and acetaldehyde. Solvents & Derivatives products include a variety of solvents, formaldehyde, and other chemicals. (06 Jul 2018)

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LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..
Focused

Celanese 3Q18: Acetyl Chain Continues to Soar

Earnings Note: 22 Oct 2018, 4:06 AM ET - Celenase delivered solid performance thanks to pricing improvements led by the Acetyl Intermediates segment and continued strength in Engineered Materials, despite a broader slowdown in auto sales.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
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Celanese 1Q18: Acetyl Chain Continues Hot Streak

Earnings Note: 19 Apr 2018, 12:14 PM ET - Celanese delivered another positive quarter as new acquisitions in the Material Solutions segment and an improving Acetyls landscape, particularly in Asia, more than offset headwinds from the struggling acetate tow business.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
Focused

Celanese: Blackstone JV Falls Through

Worth Watching: 20 Mar 2018, 11:51 PM ET - Celanese (Baa3/BBB-) announced this week that it has entered into a termination agreement with Blackstone and that it would no longer pursue the proposed joint venture between CE and Blackstone's Rhodia Acetow cellulose acetate business. The propo ..

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.
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Celanese 4Q17: Strong Quarter, Despite Weak Tow

Earnings Note: 29 Jan 2018, 5:51 AM ET - Celanese continued to perform well throughout 2017 despite Hurricane Harvey-related disruptions, and headwinds from the Consumer Specialties sub-segment, showcasing the company's stability.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.
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Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.

Eastman 3Q17: Explosion & Weak Tow

Earnings Note: 30 Oct 2017, 7:39 PM ET - Eastman had very good third quarter, with sales and adj. EBITDA up 8% yoy and 15% yoy to $2.46 bn and $608 mn, respectively, despite having to overcome a number of negative unexpected events and ongoing headwinds within the Fibers segment.

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