Celanese Corporation (NYSE:CE), a global chemical and specialty
materials company, today announced that its board of directors has
approved a new $1.5 billion share repurchase authorization. The new
share repurchase authorization represents approximately 11 percent of
the company’s shares outstanding.
The company deployed $200 million to repurchase shares in the first
quarter of 2019 under the previous $1.5 billion share repurchase
authorization put in place in 2017. As of March 31, 2019, approximately
$500 million remained on the existing share repurchase authorization
which, combined with this new $1.5 billion authorization, will support
share repurchases over the next few years.
“Consistent share repurchases remain an important component of our
balanced capital allocation strategy, and we will continue to
opportunistically repurchase shares with remaining available free cash
flow after dividends, organic investment and value-enhancing M&A. We
will share additional detail on our capital allocation strategy as part
of our first quarter 2019 earnings,” said Mark Rohr, chairman and chief
executive officer.
About Celanese
Celanese Corporation is a global technology leader in the production
of differentiated chemistry solutions and specialty materials used in
most major industries and consumer applications. Our businesses use the
full breadth of Celanese's global chemistry, technology and commercial
expertise to create value for our customers, employees, shareholders and
the corporation. As we partner with our customers to solve their most
critical business needs, we strive to make a positive impact on our
communities and the world through The Celanese Foundation. Based in
Dallas, Celanese employs approximately 7,700 employees worldwide
and had 2018 net sales of $7.2 billion. For more information about
Celanese Corporation and its product offerings, visit www.celanese.com
or our blog at www.celaneseblog.com.
All registered trademarks are owned by Celanese International
Corporation or its affiliates.
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