Celanese Posts Loss on Weak Demand

The company announced that in order to respond aggressively to a prolonged weak demand environment, it will reduce its overall fixed cost structure. Initial reductions have already begun and total between $100 million and $120 million annually.

"Although our businesses are well positioned, we will continue to take the necessary, aggressive actions required to align our operations and staffing with the short-term demand environment, while strengthening our businesses for the long term," Chairman and Chief Executive David Weidman said in a statement.