Celanese to Acquire SO.F.TER. Group
SO.F.TER. Group, thermoplastic compounder with headquarters in Forli, Italy, has signed a definitive agreement to be bought by Celanese Corporation, a global technology and specialty materials company. Celanese will acquire SO.F.TER. Group’s comprehensive product portfolio of engineering thermoplastics (ETPs), thermoplastic elastomers (TPEs), as well as all customer agreements and all manufacturing, technology and commercial facilities.
SO.F.TER. Group’s sophisticated and modern manufacturing facilities and product portfolio will provide a vehicle for additional growth, investment and synergies for Celanese. The acquisition will nearly double the number of Celanese global engineered materials product platforms. “This is the next step in the evolution of Celanese to further extend our global leadership position in the engineered materials market,” said Scott Sutton, Celanese executive vice president and president of Materials Solutions." Celanese expects to integrate SO.F.TER. Group’s full product portfolio and production capabilities into the Celanese engineered materials business.
SO.F.TER. Group began operations in 1980 in Italy by manufacturing polymeric compounds for the shoemaking industry. Today, SO.F.TER. Group has approximately 550 employees in Italy, Mexico, Brazil and the United States and has 55 production lines across four manufacturing facilities in Europe and four manufacturing facilities in the Americas. “Joining Celanese is a natural continuation of the SO.F.TER. Group success story of growth, customer
innovation and application expertise,” said Italo Carfagnini, chairman of the board of directors, SO.F.TER. Group.
Financial details of the transaction are not being disclosed at this time, and Celanese expects to complete the acquisition in the fourth quarter of 2016, pending customary closing conditions and regulatory approvals. Until closing, Celanese and SO.F.TER. Group will continue to operate as independent businesses.
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