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Celanese Corporation, a global chemical and speciality materials company, has signed an agreement with Mitsui to establish a food ingredients joint venture, called Nutrinova. Under the agreement, Celanese will contribute the assets, technology and employees from its food ingredients business while retaining a 30% ownership stake in the joint venture. Meanwhile, Mitsui will acquire the remaining 70% stake at a purchase price of $472.5 million. Celanese said that it will use the cash to pay down debt. The Nutriova joint venture expands on the existing long-term strategic partnership between the two companies. The collaboration will see a combination of Celanese's food ingredients combining its technology, product portfolio and "backward integration" with Mitsui’s positions across the food value chain in Asia and other regions. In addition, Celanese will continue to meet the demand for acetyls raw material of the Nutrinova joint venture, under a long-term supply agreement. Celanese says that the formation of the Nutrinova joint venture will allow the company to "monetise a majority of that business in a value-accretive way and also maintain the benefits of integration with the acetyl chain". Celanese’s food ingredients business produces ingredients such as acesulfame potassium (Ace-K) sweetener and potassium sorbate preservatives. The transaction is expected to close in the second half of 2023, pending regulatory approvals.