SO.F.TER. Group, one of the world's largest independent thermoplastic compounders with U.S. headquarters near Highway 109 in Lebanon, announced Tuesday that it will be acquired by Dallas-based Celanese Corporation, a global technology and specialty materials company.
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.
Once closing is complete, Celanese will acquire the Italy-based SO.F.TER. Group's comprehensive product portfolio of engineering thermoplastics, thermoplastic elastomers, as well as all customer agreements and all manufacturing, technology and commercial facilities. The acquisition will nearly double the number of Celanese global engineered materials product platforms.
"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. "From our beginnings in Italy in 1980 to being a key part of the Celanese engineered materials business, we will continue to drive innovative and highly specialized solutions for customers. We look forward to the future with Celanese, not only for our customers but also for our dedicated and talented employees."
In 2014, SO.F.TER. Group announced the production startup of engineering plastics at its U.S. headquarters in Lebanon. The local facility is located on 21 acres near Highway 109 and Quarry Road.