Celanese Expects 2008 Results To Be Below Previous Outlook

21.11.08 - 02:55 ... source : Celanese

... DALLAS, November 20, 2008 -- Celanese Corporation (NYSE:CE), a leading global chemical company, today announced that its full year 2008 results are expected to be below its previous outlook. The company noted that continued weakening of the global economy, significant inventory destocking throughout its end-consumers' supply chains, and the previously announced unplanned outage and related force majeure at its AT Plastics facility are impacting its fourth quarter results. Due to these factors, and increased uncertainty in global demand, the company has chosen not to provide an updated full year outlook for 2008. The company's previous guidance issued on October 21, 2008, should no longer be relied upon. Dramatically lower consumer and industrial demand, driven by global recessionary trends, has caused an acceleration of inventory destocking throughout the company's end-consumer supply chains. As a result, ...» Next (HTML)