Home » Exxon Mobil is selling its global Santoprene business to Celanese for $1.15 billion
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Exxon Mobil is selling its global Santoprene business to Celanese for $1.15 billion

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Exxon Mobil Corp.
XOM,
-0.62%
said Wednesday it is selling its global Santoprene business to Celanese Corp.
CE,
-0.86%
for $1.15 billion. Santoprene is a vulcanized polymer alloy that is used in washing machines, dryers, dishwashers, refrigerators, small appliances and floorcare. The sale includes two manufacturing sites in Pensacola, Florida and Newport, Wales, along with associated product, laboratory equipment, administration buildings, control systems and documentation and IP, Exxon said in a statement. The deal is expected to close in the fourth quarter. “Reaching this agreement with Celanese is consistent with our strategy and allows us to focus on serving the growing market for primary olefin derivatives, where we can leverage our competitive advantages of industry leading scale, integration and proprietary technology,” said Jack Williams, senior vice president of Exxon Mobil Corporation. Exxon shares were up 0.5% premarket and have gained 52% in the year to date, while the Dow Jones Industrial Average
DJIA,
+0.03%
has gained 12% and the S&P 500
SPX,
+0.03%
has gained 14%.

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Julia has handled various businesses throughout her career and has a deep domain knowledge. She founded Stock Market Pioneer in an attempt to bring the latest news to its readers. She is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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