Shearman & Sterling advised Celanese on the restructuring of Korea Engineering Plastics Co. (KEP), a joint venture owned 50% by Celanese and 50% by Mitsubishi Gas Chemical Company.
Celanese is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Texas, Celanese employs approximately 8,500 employees worldwide and had 2021 net sales of $8.5 billion.
KEP was formed in 1987 to manufacture and market polyoxymethylene (POM) in Asia, with a particular focus on serving domestic demand in South Korea. As a result of the restructuring, KEP will now focus solely on manufacturing and supplying products to its shareholders, who will independently market them globally.
The Shearman & Sterling team below included associates Naveed Hada (New York-Mergers & Acquisitions), Austin Grossfeld (New York-Intellectual Property Transactions) and Alexandre Köhler (Brussels-Antitrust).