Exxon to sell elastic polymers business to Celanese for $1.15 billion

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015.

June 30 (Reuters) – Oil major Exxon Mobil Corp (XOM.N) said on Wednesday it would sell its Santoprene business, which makes elastic polymers used in automotive, industrial and consumer products, to chemical maker Celanese Corp (CE.N) for $1.15 billion.

The deal comes as Exxon is looking to improve profit and slash debt by culling lower margin operations. It had two years ago pledged to divest $15 billion in assets by the end of 2021 and $25 billion through 2025.

Exxon said the sale includes two manufacturing sites in Pensacola, Florida and Newport, Wales along with associated product, process development and laboratory equipment, operating and administration buildings, control systems and documentation, and intellectual property.

The deal, set to close in the fourth quarter of this year, will also move about 350 Exxon…

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