Here are 1-3 brief analogies for Celanese (CE):

• Like a more focused DuPont for specialty chemicals and engineered materials.
• BASF or Dow Chemical, but with a narrower focus on essential industrial chemicals and high-performance plastics.
• The "Intel Inside" for countless manufactured products, supplying foundational chemicals and advanced plastics.

• Acetyl Chain Products: Fundamental chemical intermediates such as acetic acid and vinyl acetate monomer (VAM), which are crucial building blocks for a wide range of industrial applications.
• Acetate Tow: Specialized cellulose acetate fibers predominantly used in the manufacturing of cigarette filters.
• Engineered Materials: High-performance thermoplastic polymers and composites, including polyacetal (POM) and liquid crystal polymer (LCP), designed for demanding applications across various industries like automotive, medical, and electronics.

Celanese (symbol: CE) operates primarily on a Business-to-Business (B2B) model, supplying a wide range of chemical products and specialty materials to other manufacturing companies across various industries. Due to the diversified nature of its business and the complexity of its supply chains, Celanese typically does not disclose specific individual major customers in its public filings unless a single customer represents a significant portion (e.g., 10% or more) of its consolidated revenues, which is rare for a company of its type.

Therefore, while specific major customer names are not publicly detailed by Celanese, based on the industries Celanese serves and the applications of its products, its major customers would generally be manufacturers within the following sectors. Below are examples of public companies in those sectors that would likely be significant purchasers of Celanese's products:

• Tobacco Companies: These companies are major customers for Celanese's Acetate Tow products, which are primarily used in cigarette filters.
  • Philip Morris International (symbol: PM)
  • Altria Group (symbol: MO)
  • British American Tobacco (symbol: BTI)
• Automotive Component Manufacturers: Celanese supplies engineered materials (various polymers) used in the production of automotive parts (e.g., interior components, exterior parts, under-the-hood applications). Celanese typically sells to Tier 1 and Tier 2 suppliers to automotive original equipment manufacturers (OEMs), rather than directly to the car manufacturers themselves.
  • Magna International (symbol: MGA)
  • Lear Corporation (symbol: LEA)
  • Aptiv (symbol: APTV)
• Electronics and Consumer Goods Manufacturers/Suppliers: These companies utilize Celanese's engineered materials for components in electronic devices, home appliances, and various consumer products.
  • Flex (symbol: FLEX)
  • Jabil (symbol: JBL)
• Paints, Coatings, Adhesives, and Construction Materials Manufacturers: These industries are significant customers for Celanese's acetyl products, such as acetic acid, vinyl acetate monomer (VAM), and emulsion polymers.
  • PPG Industries (symbol: PPG)
  • Sherwin-Williams (symbol: SHW)
  • H.B. Fuller (symbol: FUL)
• Medical Device and Pharmaceutical Packaging Manufacturers: These companies or their suppliers use Celanese's engineered materials in the production of medical devices, diagnostic equipment, drug delivery systems, and pharmaceutical packaging. While direct major customers are not disclosed, companies like Becton, Dickinson and Company (BDX) or Medtronic (MDT) are examples of end-users whose supply chains would likely involve Celanese's materials.

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Scott A. Richardson
Chief Executive Officer and President

Scott A. Richardson was appointed Chief Executive Officer and President of Celanese Corporation, effective January 1, 2025. He joined Celanese in 2005 and has held various key leadership positions, including Executive Vice President and Chief Operating Officer from 2023 to 2025, and Executive Vice President and Chief Financial Officer from 2018 to 2023. His tenure at Celanese also includes serving as Senior Vice President of the Engineered Materials business and Vice President and General Manager of the Acetyl Chain. Before joining Celanese, Mr. Richardson held various finance, operational, and leadership roles at American Airlines. As CEO, he announced Celanese's agreement to divest the Micromax® portfolio of products to Element Solutions Inc.

Chuck B. Kyrish
Senior Vice President and Chief Financial Officer

Chuck B. Kyrish assumed the role of Senior Vice President and Chief Financial Officer of Celanese Corporation on November 8, 2023. He has been with Celanese since 2006, where he previously served as Vice President of Corporate Finance, overseeing accounting, treasury, internal audit, and tax functions. His experience at Celanese also includes positions as Chief Financial Officer of the Acetyl Chain, Vice President of Investor Relations, Vice President of M&A and Integration Finance, and Vice President and Treasurer. Prior to his time at Celanese, Mr. Kyrish held various financial, business, and leadership roles at Sabre Corporation and ExxonMobil Corporation.

Todd L. Elliott
Senior Vice President, Engineered Materials

Todd L. Elliott is rejoining Celanese as Senior Vice President to lead the Engineered Materials business, effective February 3, 2025. He previously retired from Celanese in 2020, having served as Senior Vice President and head of the Acetyls business. During his earlier career at Celanese, Mr. Elliott held multiple leadership roles in Business, Sales, and Corporate Development, including overseeing the Acetate Tow business and the company’s European regional center. He was also instrumental in establishing the customer project pipeline model for value creation. For five years prior to his return, he worked as an independent consultant in the chemicals and polymers industry, offering advisory services on mergers and acquisitions, financial and operational analysis, and commercial strategies.

Ashley B. Duffie
Senior Vice President and General Counsel

Ashley B. Duffie was appointed Senior Vice President and General Counsel for Celanese Corporation, effective November 8, 2023. She joined Celanese in 2007 and has held several significant roles, including Vice President and Chief Procurement Officer, President and General Counsel APAC Region, Vice President of the Integration Management Office, Chief Compliance Officer, and Associate General Counsel for global litigation and EHS law. Before joining Celanese, Ms. Duffie was an attorney with Haynes and Boone, LLP, where she specialized in environmental law, internal corporate investigations, and litigation.

Mark C. Murray
Senior Vice President, Acetyls

Mark C. Murray was appointed Senior Vice President, Acetyls in February 2023. He originally joined Celanese in 2002 and held senior commercial and business roles within the Acetyl Chain and Engineered Materials businesses during two separate periods: from May 2002 to March 2007 and from November 2009 through June 2019. Mr. Murray rejoined Celanese in June 2022 as Vice President of Business Strategy and Development. Prior to rejoining Celanese, he served as Executive Vice President, Biomaterials and Advanced Technologies at Avantor, a global materials manufacturer and distributor. His international experience includes leading teams from locations in Amsterdam, Frankfurt, and Maastricht.

• The accelerating global shift towards a circular economy and sustainable materials, particularly within the plastics industry. This includes increasing regulatory pressure for recycled content, bans on single-use plastics, and growing consumer and corporate demand for bio-based, recycled, and biodegradable polymers. Celanese, as a major producer of engineered materials, faces the challenge of rapidly adapting its product portfolio, R&D, and production processes to meet these evolving requirements, which could disrupt demand for its traditional virgin plastic materials.
• The rapid global adoption and increasing market share of alternative nicotine delivery systems (ANDS), such as e-cigarettes (vaping), heated tobacco products, and oral nicotine pouches. This trend directly threatens the demand for traditional cigarette filters, which are a primary application for Celanese's acetate tow segment, as ANDS either do not utilize filters or use different filtration components.

Celanese Corporation (symbol: CE) operates in several key markets with varying addressable market sizes globally.

For its main products and services, the addressable markets are as follows:

• Acetyls: The global acetyls market was valued between approximately USD 28.2 billion and USD 30.2 billion in 2023-2025. This market is projected to grow to a range of approximately USD 41.4 billion to USD 49.32 billion by 2032-2035, exhibiting a compound annual growth rate (CAGR) of 4.3% to 5.6% during these periods. Celanese is a leading global producer of acetic acid and vinyl acetate monomer (VAM), which are key components of the acetyls market. The Asia Pacific region held the largest market share in 2022, and North America also represents a significant portion of this market.
• Acetate Tow: The global acetate tow (cellulose acetate tow) market demonstrates conflicting projections across different sources. Some reports indicate the market was valued at approximately USD 5 billion in 2023 and is projected to reach USD 7.2 billion by 2032, growing at a CAGR of 4.2%. Other analyses suggest a decline, with the market valued at USD 3.72 billion in 2024 and projected to decrease to USD 2.089 billion by 2031, with a negative CAGR of -8.0%. Another source states a 2024 market size of USD 2.65 billion, growing to USD 3.8 billion by 2032, and a projection of USD 4.66 billion by 2035, with a CAGR of 5.27% from 2025 to 2035. The decline is attributed to shifting consumer preferences and increasing regulations on tobacco products, which is the primary end-use industry. North America is identified as the world's largest market, accounting for nearly 43% of the share, while Asia Pacific is expected to be a major growth driver.
• Medical Engineered Materials (part of Engineered Materials segment): The global market for medical engineered materials, a component of Celanese's Engineered Materials segment, was valued between approximately USD 19.41 billion and USD 23.9 billion in 2024. This market is projected for significant growth, with estimates ranging from USD 67.32 billion by 2034 to USD 82.9 billion by 2033, at a high CAGR of 13.24% to 14.8%. Asia Pacific held the largest market size in 2024, and North America is expected to experience the fastest growth.

Celanese Corporation (CE) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on its core businesses, operational efficiency, and portfolio optimization.

1. Growth in Engineered Materials (EM) Driven by High-Impact Programs and Product Innovation: Celanese anticipates revenue growth from its Engineered Materials segment by focusing on high-impact programs targeting attractive applications such as electric vehicles, medical and pharma, 5G technology, and sustainability solutions. This strategy involves continuous product innovation, creating new materials and technologies, and expanding capacity in key regions like Asia to meet evolving customer needs and enhance its competitive edge.
2. Expansion and Optimization of the Acetyl Chain, particularly in Downstream Applications: The company plans to leverage the operational flexibility of its Acetyl Chain through debottlenecking projects and capacity additions, including the acetic acid expansion at Clear Lake. This will enable Celanese to maximize sales opportunities in differentiated downstream products like adhesives, coatings, and food packaging, thereby driving earnings growth as demand improves.
3. Strategic Cost Reduction and Operational Efficiency Initiatives: Celanese is committed to strengthening its earnings and cash generation through significant cost reductions and operational improvements. This includes initiatives such as reducing Selling, General, and Administrative (SG&A) expenses, realizing productivity savings from footprint optimization (e.g., the closure of the Lanaken acetate tow facility), and implementing additional cost levers. These efforts aim to enhance competitiveness and free up capital for reinvestment.
4. Portfolio Optimization through Strategic Divestitures: The company is actively pursuing opportunistic divestitures of non-core assets, such as the Micromax portfolio, to reduce debt and focus resources on its more strategic and higher-growth businesses. This disciplined approach to portfolio management is expected to improve the overall quality and growth potential of Celanese's revenue streams.

Share Repurchases

• In July 2021, Celanese's Board of Directors approved a new $1.0 billion share repurchase authorization.
• In the first half of 2021, the company deployed $500 million to repurchase shares under a previous authorization.
• As of June 30, 2021, approximately $560 million remained under the existing share repurchase authorization, which, combined with the new $1.0 billion authorization, was available for future share repurchases.

Share Issuance

• Celanese's 3-Year Share Buyback Ratio was -0.40% as of June 2025, suggesting a slight net issuance of shares or minimal repurchases over the past three years.
• In Q1 2025, the company's CFO indicated that equity issuance was not considered a necessary step due to its dilutive nature and the strength of the debt market.

Outbound Investments

• Celanese completed the acquisition of the majority of DuPont's Mobility & Materials (M&M) business for $11 billion in cash in November 2022, significantly expanding its Engineered Materials segment.
• In December 2021, Celanese completed the acquisition of the Santoprene® TPV elastomers business from ExxonMobil.
• In September 2023, Celanese formed Nutrinova, a Food Ingredients joint venture with Mitsui & Co., Ltd., contributing its Food Ingredients business assets and retaining a 30% stake, while Mitsui acquired 70% for $472.5 million.

Capital Expenditures

• Cash capital expenditures were $543 million in 2022 and $435 million in 2024.
• The capital plan for 2025 has been reduced to $300 million-$350 million, representing a $100 million decrease compared to 2024.
• The primary focus of capital expenditures in 2025 is on cash generation, margin expansion, deleveraging the balance sheet, optimizing the manufacturing footprint, and reducing complexity, particularly within the Engineered Materials business.