Celanese Corporation (CE) is Selling Another 19% of Nutrinova for $152 Million. Is Deleveraging Worth Reducing Its Stake to 11%?

Celanese Corporation (NYSE: CE ) agreed to sell another 19% of the Nutrinova food-ingredients joint venture to Mitsui & Co., Ltd. for approximately $152 million in cash. The transaction, expected to close in the fourth quarter subject to customary conditions, will reduce the retained interest of Celanese Corporation (NYSE:CE) from 30% to 11%.

The interest being sold generated approximately $4 million of equity earnings in 2025. The consideration therefore equals about 38 times that contribution, suggesting Celanese Corporation (NYSE:CE) is receiving a strong price for a noncore holding. The proceeds will reduce debt, fund upcoming maturities, and count toward the goal of Celanese Corporation (NYSE:CE) to generate $1 billion from divestitures by the end of 2027.

The disclosed economics favor the sale. Paying $152 million for an interest that generated $4 million of equity earnings implies an earnings yield of only about 2.6% for the buyer. Celanese Corporation (NYSE:CE) is exchanging a relatively small earnings contribution for immediate debt-repayment capacity and potential interest savings.

Celanese Corporation (NYSE:CE) also retains 11% of Nutrinova, preserving some participation if the food-ingredients venture expands. Under the related diketene-facility arrangement, Nutrinova will cover the facility's full purchase price and ongoing operating costs. Celanese Corporation (NYSE:CE) has no funding obligation, limiting capital exposure while retaining an economic interest.

Combined with the completed $500 million Micromax divestiture, the latest transaction would bring the combined announced transaction values of the two deals to approximately $652 million. That would represent about 65% of the $1 billion divestiture objective.

The transaction is small relative to the balance-sheet challenge. Celanese Corporation (NYSE:CE) ended 2025 with approximately $11.3 billion of company-defined non-GAAP net debt, defined as total debt less cash and cash equivalents. Celanese Corporation (NYSE:CE) is targeting about $10 billion by the end of 2026 and below $9 billion by the end of 2027.

The reduction from the 2025 balance to the 2026 target is approximately $1.3 billion. If fully applied to debt, the $152 million proceeds would cover only about 12% of that reduction.

The 38-times comparison also uses one year of equity earnings rather than Nutrinova's cash flow or long-term earnings potential. Reducing the interest to 11% sacrifices most future earnings and economic exposure, just as Nutrinova gains a new raw-material facility without requiring funding from Celanese Corporation (NYSE:CE).