Celanese and Blackstone to form acetate tow joint venture

Celanese and Blackstone have agreed to form a joint venture combining Celanese's Cellulose Derivatives and Blackstone's Rhodia Acetow businesses. Celanese will own 70% and Blackstone 30%. The JV will distribute $1.6 billion in cash to Celanese at close.

“Celanese and Blackstone will own 70% and 30% of the JV, respectively.”blackstone.com

• 2 sources
• blackstone.comCelanese and Blackstone To Form Joint Venture in Acetate Tow - BlackstoneStech ChristineJun 19, 2017
• cen.acs.orgCelanese, Blackstone to combine acetate unitsAlexander H. TulloJun 26, 2017

Summarized from public sources; check the original articles before acting on it.