By Sabela Ojea

Celanese and Mitsui & Co. said Thursday that they signed an agreement to launch a food-ingredients joint venture following a long-term strategic partnership.

Chemical and specialty materials company Celanese would retain 30% of stake in the Nutrinova joint venture by bringing assets, technology and employees of its food-ingredients business.

Japan-based trading house Mitsui would acquire the remaining stake at a purchase price of $472.5 million.

Net cash proceeds of about $450 million would be used to pay down debt, the companies said, noting that the transaction is set to close in the second half of the year.

"The agreement combines the technology, product portfolio and backward integration of the Celanese food ingredients business with Mitsui's long-standing positions across the food value chain in Asia and other regions," the companies said.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

June 22, 2023 20:11 ET (00:11 GMT)

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