U.S. specialty materials and chemical company Celanese has decided to close its Ulsan plant due to the impact of the ongoing conflict in the Middle East.
According to reports from the Financial Times and other outlets on June 4, Celanese announced that it would immediately halt all production and operations at the Ulsan facility. The company plans to transfer production to its plants in Nanjing and Shenzhen, China, as well as to its facility in Silvassa, India.
This move is part of Celanese's 'Grow & Fortify' strategy aimed at increasing production flexibility. The decision follows a surge in crude oil prices, which are essential raw materials for chemical products, due to the recent Middle East conflict. Celanese's first-quarter results, released last month, fell short of expectations, contributing to a more than 20% drop in its stock price to date.
In response, Celanese announced price increases for key products in April and May. Last month, the company also revealed plans to operate its Singapore plant only until the end of July before closing it.
Celanese, which produces key products such as PET (polyethylene terephthalate), PA (polyamide), PBT (polybutylene terephthalate), HTN (high-heat nylon), and polymers, is one of the world's leading chemical manufacturers, employing approximately 11,000 people globally. The company reported revenues of about $9.5 billion in 2025.
* This article has been translated by AI.
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