ALLENTOWN, PA — Air Products and Chemicals Inc. has completed the sale of its polyvinyl alcohol business to Celanese AG of Germany for $326 million. Included in the sale are facilities in Pasadena, TX, and Calvert City, KY, that produce nearly 200 million pounds per year of polyvinyl alcohol.
Air Products said the sale reflects its strategy of “optimizing its business portfolio” by focusing on Chemicals Group units that deliver “consistent, acceptable levels of return.” The company said the polyvinyl alcohol business held a leadership position in the United States and was number two worldwide, but said cost factors such as those involving vinyl acetate monomer had adversely affected margins.
