Advent International, a private equity group, is buying European Oxo GmbH, a joint venture of Celanese Corp.'s German unit and Degussa AG.
The $630 million deal advances Celanese's ongoing divestments of non-core assets, the U.S. chemical company said Wednesday in a release.
The sale includes oxo and derivative businesses at Celanese's Oberhausen, Germany, and Bay City, Texas, facilities, and portions of its Bishop, Texas, facility. EOXO's facilities within the Oberhausen and Marl, Germany, plants are also included in the sale, Celanese said. As part of the transaction, Celanese will transfer all of the EOXO business to Advent International, including Degussa's 50 percent interest of the venture.
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