Evansville Thermoplastics Company to be Acquired
Texas-based Celanese Corp. (NYSE: CE) has announced plans to acquire an Evansville-based company specializing in custom compounding of engineered thermoplastic materials. Financial terms of the deal for Omni Plastics were not disclosed, however Celanese expects the acquisition to close in the first quarter of 2018.
Celanese says the acquisition also includes Omni Plastics' subsidiaries, with all of the company's thermoplastic compounding product portfolio and production capabilities being integrated into Celanese's engineered materials business. Scott Sutton, chief operating officer of Celanese, says engineered thermoplastics continues to be a material of choice in a variety of markets, including automotive, electrical, consumer goods and industrial.
"Omni Plastics strengthens Celanese’s presence in these strategic areas as well as brings expanded presence in office furniture, filtration, lawn/garden, and other specialty materials applications," said Sutton. "This acquisition further strengthens our global asset base by adding compounding capacity in the Americas to enable Celanese to continue to support a growing and diverse customer base."
A spokesperson for Celanese tells Inside INdiana Business, its initial focus will be on integrating Omni Plastics employees into the Celanese organization. "As we grow, Celanese will create job opportunities for existing Omni employees to expand their scope of work while also opening opportunities for job growth across all regions where Celanese operates, including the Omni site in Indiana."
The company says, until the transaction is closed, both companies will continue to operate as independent businesses.