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Celanese Corporation (CE)

Celanese Corporation (CE). TEAMLUTHOR Andrew Hung Sam Young Eric Lau Ali Bakhshandehfard. Company Profile. Global producer of chemicals for both consumer and industrial applications. Headquartered in Dallas, Texas Manufacturing plants in North America, Europe, and Asia

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Celanese Corporation (CE)

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  1. Celanese Corporation (CE) TEAMLUTHOR Andrew Hung Sam Young Eric Lau Ali Bakhshandehfard

  2. Company Profile • Global producer of chemicals for both consumer and industrial applications. • Headquartered in Dallas, Texas • Manufacturing plants in North America, Europe, and Asia • Employees approximately 8,900 employees

  3. Industry Analysis • Industry: Industrial + Commodity Chemicals • Uses Natural Resources, i.e. Natural Gas and Oil to Create Chemical Raw Materials • Products often appear as intermediates in “everyday” objects (e.g., paints, adhesives) • Customers are usually large chemical/industrial companies • Competitive pricing, service to customers and reliability of supply are critical components of the basic chemicals businesses marketing strategy

  4. Industry and Product • Four business segments: • Chemical Products - produces and supplies acetyl products • TechnicalPolymers Ticona - develops, produces and supplies a portfolio of high performance technical polymers • AcetateProducts- produces and supplies acetate tow and acetate flake • PerformanceProducts (Nutrinova) - produces and sells high intensity sweetener and food protection ingredients

  5. Products

  6. Industry Analysis (cont’d) • Industry stock performance Standard & Poor’s

  7. Competitors • Celanese’s competitors • Direct • BASF AG (BASFY) • LANXESS Aktiengesellschaft (private) • Methanex Corporation (MEOH) • Others • Dow Chemical (DOW) • E.I. duPont de Numour & Company (DD)

  8. Competitors (cont’d) • Celanese versus competitors Note: Celanese IPO issued January 2005

  9. Stock Valuation

  10. Past Performance • IPO Price: 16.00 – Jan. 21, 2005 • Annual Growth • 05-06: 18.5% • 06-07: 31% • 07-08: 54%

  11. Graphs • Performance since IPO

  12. Graphs (cont’d) • Six Month Performance

  13. Technical Analysis - Volume Traded

  14. Technical Analysis - Moving Average Sell Signal Buy Signal

  15. Technical Analysis - Bollinger Bands

  16. Strengths • Composition of four divisions allows for diversity: Chemical Products, Technical Polymers (Ticona), Acetate Products, and Performance Products (Nutrinova) • Strong Customer base of Industrial Companies • Ticona has a Heavy commitment to R&D, to create new markets and new uses for their products • Chemical Products produces the chemical raw materials (Methyls, Acetyl, Acetyl Derivatives) used by other industries • Acetate products are used by clothing and cigarette industry • Celanese has been closing older plants employing outdated techniques and updating other plants to bring in line with demand • Celanese has opened its largest chemical (Emulsion) complex in Nanjing in September 2007 that employs new techniques • New Vinamul 8868, a modified vinyl acetate emulsion for direct roving applications lowers system costs for manufacturing while maintaining high performance

  17. Weaknesses • Acetyl Production is dependent on availability of Methanol, which is dependant on the availability of Natural Gas, which is going to be increasing in price • Acetyls and oxo-alcohols are products that have been globally overproduced in the past (1998), leading to decreased profit • Acetate products dependant on availability of Wood Pulp • Acetate product, used for clothing articles, has demand depending on fashion trends • Recently several raw material costs for CE have been rising, leading to numerous price increases in the past month of products such as Formaldehyde, NA Emulsion products, as well as Polyvinyl Alcohol

  18. Opportunities • Raw materials will always be needed for products • Emerging countries such as India and China have a great need for chemical raw materials

  19. Risks • Acetyl product price is heavily dependant on natural gas price, of which demand has been increasing for recently, driving the price up.

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