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Celanese Approves Stock Repurchase

9:41 AM MDT | July 31, 2007 | Chemical Week Editorial Staff

Celanese says its board of directors has approved the repurchase of up to $330 million of its common stock, which traded at $36.94/share on June 8. The plan represents 5.1% of equity market capitalization, and brings Celanese’s total repurchases to about $400 million, including $62 million purchased via a Dutch auction in April. “Our solid financial position allows us to undertake this program, while retaining the financial flexibility necessary to invest in our growth strategy,” says David Weidman, chairman and CEO. The company has 157.5...

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