Celanese CEO: top use for cash is strategic opportunities

By Jennifer Lanning Drey

Portland, Ore., Sept. 14 - Celanese Corp.'s principal use for its cash is to grow the business through strategic opportunities, David Weidman, Celanese's chief executive officer, said Tuesday at the Bank of America Merrill Lynch investor conference in San Francisco.

The company also considers using its cash for debt reduction in order to move its balance sheet into a more flexible position, he said.

"We are a very cash generative company, generating cash even through the economic downturn," Weidman said.

Moving forward, Celanese is confident it will deliver at least $150 million of EBITDA earnings growth in 2011 above its 2010 levels, he said.

Between 2010 and 2013, the company's earnings growth will be driven by its specialty businesses, he said.

Celanese is a Dallas-based chemical company.

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