A Celanese Corp. subsidiary will receive about $855 million from the Frankfurt, Germany, airport to settle a relocation dispute.
Celanese's engineered polymers subsidiary, Ticona GmbH, will move so Fraport Airport can expand, the U.S. parent company said Wednesday in a news release.
In a five-year period, Fraport will pay Ticona for the costs associated with the transition of the business from the current location and the closure of Ticona's Kelsterbach plant.
"The terms of the settlement will allow Ticona adequate time and resources to select a site, build new production facilities and transition business activities within Germany to a new location by mid-2011," Celanese said. "The relocation will affect production and administrative ... personnel."
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