Celanese buying Italian compounder SO.F.TER. Group
Material supplier Celanese Corporation is acquiring Italy-based SO.F.TER. Group, a maker of thermoplastics and thermoplastic elastomers.
The terms of the transaction – which includes all of SO.F.TER. Group’s customer agreements and manufacturing, technology, and commercial facilities – have not been disclosed.
SO.F.TER. Group began operations in 1980 in Italy by manufacturing polymeric compounds for the shoe-making industry. The company currently employs approximately 550 workers in Italy, Mexico, Brazil, and the United States and has 55 production lines across four manufacturing facilities in Europe and four manufacturing facilities in the Americas.
In a statement, Dallas, Tex.-based Celanese said the acquisition will nearly double its global engineered materials product platforms. “This is the next step in the evolution of Celanese to extend our global leadership position in the engineered materials market,” said Scott Sutton, Celanese executive vice president and president of its materials solutions division. “SO.F.TER. Group is a leader in the design, development and production of thermoplastics and thermoplastic elastomers with a fast and flexible customer-oriented business model that will integrate well within the materials solutions core of Celanese.”
Celanese expects to complete the acquisition in the fourth quarter of 2016. Until then, Celanese and SO.F.TER. Group will continue to operate as independent businesses.