Advent Buys Celanese Unit

Celanese Corp. (NYSE: CE) has agreed to sell its oxo products and derivatives businesses — including European Oxo GmbH, a joint venture between Celanese AG and Degussa AG — to Advent International for Euro 480 million. The oxo derivative chemicals business of Celanese has approximately 1,100 employees, earns revenues of approximately $700 million and has EBITDA margins of about 10 percent. EOXO, which has approximately 200 employees, has non-consolidated revenues of approximately $700 million and contributes $5 million to $10 million of equity earnings to Celanese annually.