Irving-based global specialty materials and chemical company Celanese Corp. (NYSE: CE), has agreed to sell its Micromax portfolio of products to Florida-based Element Solutions Inc. (NYSE: ESI) for roughly $500 million in cash.
Micromax is a global supplier of advanced electronic inks and pastes designed for high-performance electronics. The company’s materials are used in a variety of applications including navigation and defense, medical monitoring, and advanced circuit board components.
“The agreement to divest Micromax benefits Celanese and our shareholders, and we’re pleased to have run a successful process that maximizes the value of the asset,” Celanese President and CEO Scott Richardson said in a statement.
“In addition to the value created, the transaction and our commitment to use the transaction proceeds to pay down debt highlight how we are aggressively and prudently taking steps to deleverage our balance sheet,” Richardson added. “This is an important milestone in our journey as we continue to execute against our key priorities, and we are excited for the opportunities the Micromax team will have as part of Element Solutions.”
The dea is slated to close in the first quarter of 2026.
“Micromax is a great fit for Element Solutions, enhancing our electronics business’ customer value proposition and the breadth of high-value solutions we can offer to our supply chain,” Element Solutions CEO Benjamin Gliklich said in a statement. “The Micromax product portfolio aligns with our core competencies in formulations capability and metals expertise with a high-touch, low capital intensity operating model. Equally importantly, the business brings a proven team of experienced, highly technical leaders in adjacent electronics materials segments.”
Morgan Stanley & Co. LLC is acting as financial advisor to Celanese, and Kirkland & Ellis LLP and Allen Overy Shearman Sterling LLP are providing legal counsel.
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