Benzinga | Jul 20, 2020 11:09AM EDT

Why Celanese's Stock Is trading Higher Today

Celanese Corporation (NYSE:CE) shares are trading higher on Monday after the company announced it would sell its 45% stake in a polyplastics joint venture and increased its share buyback program by $500 million.

Celanese is one of the world's largest producers of chemicals in the acetyl chain, which are used in various end markets, including coatings and adhesives. The company also produces specialty polymers used in the automotive, medical, and consumer end markets as well as cellulose derivatives used in cigarette filters

Celanese shares were trading up 3.72% at $92.86 at the time of publication on Monday. The stock has a 52-week high of $128.88 and a 52-week low of $52.70.