Scott Richardson, president and chief executive officer of Celanese, explained the rationale: “Our primary focus continues to be aggressively and prudently deleveraging our balance sheet, and this strategy includes regularly reviewing our assets. As I’ve shared previously, we are actively exploring several opportunities for cash generation, including the divestiture of the Micromax® portfolio of products.”
The Micromax business is a global leader in advanced electronic inks and pastes, serving high-performance electronics with expected revenues exceeding $300 million in 2025. These products, including conductive, resistive, and dielectric thick film inks, as well as Low-Temperature Co-fired Ceramic (LTCC) materials, are used in applications such as navigation, defense, medical monitoring, and advanced circuit boards. Known for durability and flexibility, Micromax materials perform reliably in demanding environments.
Richardson highlighted the portfolio’s potential: “Micromax provides mission-critical solutions to customers across a diverse range of industries such as aerospace, healthcare, and transportation and is well-positioned to benefit from accelerated growth in those end uses. Micromax is poised to take advantage of numerous macro trends, including miniaturization, wearable tech, and the EV transition.” He added that the divestiture allows Celanese to focus on high-growth assets, boosting shareholder value and cash flow.
The divestiture process is subject to several conditions, including approval from Celanese’s board of directors, regulatory clearances, and compliance with U.S. Securities and Exchange Commission requirements. The company noted that the transaction’s structure, terms, and timing remain uncertain, and there is no guarantee that a sale will occur.
Morgan Stanley & Co. LLC is serving as the financial advisor for the transaction, with Kirkland & Ellis LLP providing legal counsel. This strategic move underscores Celanese’s commitment to optimizing its portfolio and strengthening its financial position while supporting growth in key industries.
