RTTNews | Jul 20, 2020 09:58AM EDT

09:58 Monday, July 20, 2020 (RTTNews.com) - Shares of chemical and specialty materials company Celanese Corporation (CE) are climbing more than 3% Monday morning on the heels of the company's announcement that it has agreed to sell all of its 45% stake of Polyplastics to Daicel Corporation for $1.575 billion cash.

Celanese also announced that its Board has approved an increase of $500 million to its existing share repurchase program.

The company expects to use the proceeds in value-generating opportunities including share buy-back.

Celanese Corporation stock is currently trading at $92.40. It has traded in the range of $52.70- $128.88 in the past 52 weeks.

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