Celanese to buy back $400M in shares
DALLAS (AP) — Celanese Corp., which makes specialty materials and chemicals, said Friday that it increased its share buyback program by $264 million.
Celanese now has $400 million available for buybacks. There is no set time for the share repurchases.
"This increased share repurchase authorization reflects the confidence we have in our business and its ability to generate strong cash flow today and in the future," said CEO Mark Rohr in a statement.
Celanese, based in Dallas, has been facing lower pricing in its acetyl intermediates business, a weakened European economy and slower growth in Asia. In its most recent quarter net income rose 3 percent, helped by higher returns on minority investments, lower interest expenses and lower taxes.
Shares of Celanese fell 83 cents to $37.38 in morning trading.