Celanese Resolves Legacy Items

13.06.08 - 22:48 ... source : Celanese

... Settles Lawsuit and Announces Intent to Divest Interest in Certain Site Services Ventures Dallas, June 13, 2008 - Celanese Corporation (NYSE: CE) today announced actions to resolve certain legacy items. The company entered into a settlement agreement with the plaintiffs in the consolidated proceeding styled In re Polyester Staple Antitrust Litigation, MDL 1516, previously disclosed in the company's periodic reports filed pursuant to the Securities Exchange Act of 1934. Pursuant to the settlement agreement, the plaintiffs have dismissed their claims in consideration of a payment by the company of $107 million. The litigation related to sales by the polyester staple fibers business, which Hoechst AG sold to KoSa, Inc. in 1998. In 1999, Celanese was demerged from Hoechst. This settlement resolves a substantial portion of the company's potential exposure with respect to sales of polyester staple fiber. Additional terms were not disclosed.Th ...» Next (HTML)