Celanese Corporation (CE)

Celanese reported third-quarter 2026 net sales of $2.6 billion on 2 November, up 6 percent from a year earlier 1. Diluted earnings per share were $0.68 and adjusted earnings per share were $1.65 1. Operating cash flow was $538 million and free cash flow was $461 million 1.

Higher prices drove the sales gain: Acetyl Chain prices rose on regional supply dislocation, Engineered Materials prices rose after pricing actions, and the Micromax sale cut Engineered Materials volume 2. Operating profit was $198 million, against a loss of $1,275 million a year earlier, when write-downs of goodwill and trade names hit the quarter 12.

The company expects full-year 2026 adjusted earnings per share of about $6.00 to $6.25 and free cash flow of $750 to $800 million, chief executive Scott Richardson said 1. Total debt was $11.5 billion at quarter end, down from $12.6 billion at year end 2.

Paying that debt down is the open question, and selling businesses is part of the answer 1. The company expects about $650 million of sale proceeds by year end, toward an aim of about $1 billion by the end of 2027 1.

Celanese began in 1918 as The American Cellulose & Chemical Manufacturing Company, founded by Swiss brothers Camille and Henri Dreyfus to make cellulose acetate, a fiber material 3. The current company was incorporated in Delaware in 2004 and trades on the New York Stock Exchange under CE 3.

The biggest recent turning point came in November 2022, when it completed the acquisition of the Mobility & Materials business of DuPont de Nemours, Inc 3. The company's own risk factors say it may keep facing difficulties and delays in getting the intended benefits from that purchase 3.

Demand then weakened, and net sales fell $724 million, or 7 percent, in 2025 because of lower volume on weaker global economic conditions and because Acetyl Chain prices dropped when supply exceeded demand 3. Sales were $9.5 billion in 2025, against $10.3 billion in 2024 3.

The Engineered Materials business also took write-downs, accounting charges that cut the recorded value of an asset without moving cash 3. In 2025 these were $1.1 billion of goodwill and $346 million for trade names, mainly Zytel 3.

To pay down debt, the company paused its share repurchase program and cut its quarterly dividend by about 95 percent from the first quarter of 2025 3.

It also trimmed its plant network: the 2024 closures covered polymerization units in Uentrop, Germany and a facility in Mechelen, Belgium 3. In October 2025 it announced the closure of its Lanaken, Belgium facility, which stopped all manufacturing in the third quarter of 2026 2.

Selling businesses came next, and on 2 February 2026 it completed the sale of its Micromax electronic materials business to Element Solutions Inc for a purchase price of $493 million, subject to adjustments 2.

Engineered Materials

Engineered Materials makes plastics and polymers for cars, medical devices, electronics and appliances 3. Brands include Vamac rubber for car parts, VitalDose for drug-release implants, Vectra liquid crystal polymer for electronics and Celcon and Hostaform polyacetal 3.

Its 2025 net sales were $5,390 million, down 3.7 percent 3. Its third-quarter 2026 net sales were $1.4 billion, down 1 percent, with the Micromax sale accounting for 6 percent of the decline 1. Growth in medical and electronics applications improved its product mix 1.

Acetyl Chain

The Acetyl Chain makes acetic acid, vinyl acetate monomer and related chemicals used in paints, adhesives, coatings and packaging, plus acetate tow for filters 3. Its brands include Mowilith emulsions, Ateva resins and Elotex powders 3.

Its 2025 net sales were $4,232 million, down 11.1 percent 3. Its third-quarter 2026 net sales were $1.2 billion, up 14 percent, as pricing and spot sales more than offset modest demand softness 1.

Plants and people

Celanese runs 51 production facilities of its own and 20 more through strategic affiliates, and had 11,434 employees at the end of 2025 3. Scott Richardson has been chief executive since 1 January 2025 3.

Luis Fernandez-Moreno joined the board on 16 September 2026, bringing it to 11 members, 10 of them independent 4. On 15 October 2026 the board put Anne Noonan on its compensation and its nominating and governance committees 5.

Current problems

In the third quarter, raw material inflation and higher logistics costs worked against Engineered Materials, and the company said commercial execution, product mix and early growth contributions more than offset them 1. The company says its cash generation is accelerating progress on deleveraging, meaning paying down debt 1.

The umbrella, in words

Celanese owns 25 percent of National Methanol Company in Saudi Arabia, with SABIC at 50 percent and Duke Energy Arabian at 25 percent 3. It owns 50 percent of Korea Engineering Plastics and 50 percent of Fortron Industries with Kureha America 3.

It owns about 30 percent of three Chinese acetate ventures with China National Tobacco Corporation, its partner for over three decades 3. It owns 50 percent of Fairway Methanol with Mitsui & Co., Ltd 3.

It owned 30 percent of Nutrinova, a sweetener and preservative maker, with Mitsui at 70 percent 3. An agreed sale would leave Celanese at 11 percent and make Nutrinova a Mitsui subsidiary 7.

Celanese announced an investor event for 9 December 2026 at its technical center and plant in Florence, Kentucky, where executives plan to detail strategy and growth paths 1.

The company expects the Nutrinova sale, worth about $152 million in cash, to close in the fourth quarter of 2026, subject to regulatory approvals 1.

It expects to end 2026 with net debt of about 4.7 times operating EBITDA, a measure of yearly earnings before interest, taxes, depreciation and amortization 1. It also expects an adjusted tax rate of 8 percent for the full year 2026 1.

Engineered Materials says it is on track to commercialize three projects in the first half of 2027: more specialty compounding in Europe, a liquid crystal polymer plant in Asia and medical-grade compounding in Asia 1. Celanese expects about $15 million more Lanaken closure costs through 2027 2.

With VIGOR Precision, the companies hope to cut humanoid robot joint weight by more than 30 percent using plastics in place of metal, Dallas Innovates reported 6.