Celanese Corporation, a global chemical and specialty materials company, announced that its previously announced formation of Nutrinova, a Food Ingredients joint venture (JV) with Mitsui & Co., Ltd., is complete.
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Celanese contributed the assets, technology and employees of its Food Ingredients business while retaining a 30% stake in the JV. Mitsui acquired the remaining 70% stake at a purchase price of $472.5 million, representing an enterprise valuation of approximately 15x 2022 EBITDA.
