DALLAS – Celanese Corporation (NYSE: CE), a global specialty materials and chemical company, has signed a definitive agreement to divest the Micromax portfolio of products to Element Solutions Inc (NYSE: ESI).
Under the terms of the agreement, Celanese will receive approximately $500 million in cash, subject to adjustments.
“The agreement to divest Micromax benefits Celanese and our shareholders, and we are pleased to have run a successful process that maximizes the value of the asset,” said Scott Richardson, President and Chief Executive Officer of Celanese.
“In addition to the value created, the transaction and our commitment to use the transaction proceeds to pay down debt highlight how we are aggressively and prudently taking steps to deleverage our balance sheet. This is an important milestone in our journey as we continue to execute against our key priorities, and we are excited for the opportunities the Micromax team will have as part of Element Solutions.”
“Micromax is a great fit for Element Solutions, enhancing our Electronics business’ customer value proposition and the breadth of high-value solutions we can offer to our supply chain,” said Benjamin Gliklich, Chief Executive Officer of Element Solutions.
“The Micromax product portfolio aligns with our core competencies in formulations capability and metals expertise with a high-touch, low capital intensity operating model. Equally importantly, the business brings a proven team of experienced, highly technical leaders in adjacent electronics materials segments.”
The transaction is expected to close in the first quarter of 2026, subject to certain regulatory approvals and customary closing conditions.
Morgan Stanley & Co. LLC is acting as financial advisor to Celanese on the transaction, and Kirkland & Ellis LLP and Allen Overy Shearman Sterling LLP are providing legal counsel.
About Micromax®
The Micromax® business is a global supplier of advanced electronic inks and pastes designed for high-performance electronics.
These materials are used in a variety of applications, including navigation and defense, medical monitoring and advanced circuit board components. Micromax® products are known for durability, flexibility, and performance in harsh environments.
The portfolio includes conductive, resistive, and dielectric thick film inks, as well as Low-Temperature Co-fired Ceramic (LTCC) materials for creating multilayer circuits.
About Celanese
Celanese Corporation is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications.