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Citing weakened demand and a need to free up cash in the face of COVID-19 disruptions, Celanese CEO Lori Ryerkerk has told investors that it will delay by 18 months its acetic acid and methanol expansion projects in Texas. Celanese will reduce overall capital expenditures in 2020 to less than $350 million from the planned $500 million. Ryerkerk said the firm expects earnings from its acetyl products and engineered materials businesses to be down 40% this year.
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