DALLAS (AP) -- Chemicals maker Celanese Corp. on Monday said it has entered an agreement to sell its polyvinyl alcohol business to Sekisui Chemical Co. for about $173 million, excluding the value of accounts receivable and payable retained by Celanese.
The unit had 2008 sales of about $300 million, according to Celanese. The company expects the deal to be completed by midyear.
The transaction includes facilities in Calvert City, Ky.; Pasadena, Texas; one unit within a complex at Tarragona, Spain; and resources from the company's Houston Technology Center. Celanese said the 220 employees located at these operations, supported by personnel in administrative technical and sales functions, will join Sekisui. The transaction includes long-term supply agreements between both companies.